Crypto Stocks Rally as Bitcoin Breaks $72,000 Barrier
Cryptocurrency stocks are rising, with companies like Coinbase Global, Inc. (NASDAQ: COIN) gaining 5.60% in premarket trading. This surge comes as Bitcoin, the world’s largest cryptocurrency, has crossed the $72,000 mark.
The bullish sentiment extends to the broader digital asset market, with investment products attracting $646 million in inflows last week. While Bitcoin received most of these inflows at $663 million, other cryptocurrencies such as Litecoin, Solana, and Filecoin have also seen an uptick.
Crypto Stocks Gain as Bitcoin Crosses $72,000
Cryptocurrency and blockchain-related stocks are experiencing significant premarket movements today. Block, Inc. (NYSE: SQ) saw a slight increase of 0.21%, trading between $72.77 and $77.33 with a volume of 8,897,862 shares.
Coinbase Global, Inc. gained 5.60%, trading in the range of $240.20 to $253.96 with a volume of 8,438,580 shares. Marathon Digital Holdings, Inc. (NASDAQ: MARA) rose 6.62%, trading between $18.07 and $19.26 with a volume of 31,600,114 shares. Riot Platforms, Inc. (NASDAQ: RIOT) climbed 5.69%, trading in the range of $9.89 to $10.46 with a volume of 17,417,378 shares.
MicroStrategy Incorporated (NASDAQ: MSTR), known for its significant Bitcoin holdings, witnessed the most substantial premarket movement among the mentioned companies.
The stock surged 11.54%, trading between $1,432.00 and $1,674.25 with a volume of 2,273,995 shares. The company’s market capitalization stands at an impressive $24.417 billion, with a 52-week range of $266.00 to $1,999.99.
Digital Asset Investment Products See Resurgence in Inflows
Digital asset investment products saw a significant capital inflow last week, attracting $646 million in inflows, with Bitcoin receiving the lion’s share at $663 million. The leading cryptocurrency’s price surged 4.5% to trade above $72,000, reaching $72,661.70 at one point.
The continuous interest in Bitcoin demonstrates enduring confidence among investors, further demonstrated by short-bitcoin investment products experiencing outflows totaling $9.5 million for the third consecutive week.
However, there has been a moderation in ETF investors’ appetite, with weekly flow levels not reaching the highs seen in early March.
Do you think the Bitcoin halving could serve as a catalyst for the flagship cryptocurrency and crypto stocks? Let us know in the comments below.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
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