Crypto Stocks Rally as Bitcoin Breaks $72,000 Barrier
Image courtesy of 123rf.com

Crypto Stocks Rally as Bitcoin Breaks $72,000 Barrier

Cryptocurrency stocks are rising, with stocks like COIN AND MSTR gaining in premarket trading. This surge comes as Bitcoin crossed the $72,000 mark.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

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.