Coinbase, Strategy lead crypto stocks higher as bitcoin spikes above $72,000
TL;DR
Bitcoin surged above $72,000, driving crypto stocks like Coinbase and MicroStrategy up 8%-12%. This move tests a key resistance range, with analysts noting crypto's divergence from equities amid market uncertainty.
Key Takeaways
- •Bitcoin briefly climbed above $72,000 for the first time in nearly a month, boosting crypto-related stocks such as Coinbase (COIN) and MicroStrategy (MSTR) by 8%-12%.
- •The $70,000-$72,000 range is a crucial resistance zone that will determine if the current rally can be sustained, as it has capped previous attempts over the past month.
- •Analysts suggest crypto is diverging from equities due to factors like lower ties to supply chains and energy costs, with capital potentially rotating into digital assets amid stock market uncertainty.
- •Bitcoin miners like Bitfarms (BITF) and Hut 8 (HUT) rebounded with 6%-10% gains, linked to the AI data center buildout, while broader U.S. equity markets also saw early gains.
- •Experts caution that volatility may persist, and crypto's outperformance might not last if macro factors like inflation or energy prices shift negatively.
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What to know:
- Crypto-related stocks rallied at the open of Wednesday's U.S. session as bitcoin briefly climbed above $72,000 for the first time in nearly a month.
- COIN, MSTR, GLXY, HOOD surged 8%-12%, with miners BITF, HUT, IREN also bouncing.
- Bitcoin's move into the closely watched $70,000 to $72,000 range, which has capped recent rallies, is a key test of whether the latest advance can be sustained.
- Crypto-related stocks rallied at the open of Wednesday's U.S. session as bitcoin briefly climbed above $72,000 for the first time in nearly a month.
- COIN, MSTR, GLXY, HOOD surged 8%-12%, with miners BITF, HUT, IREN also bouncing.
- Bitcoin's move into the closely watched $70,000 to $72,000 range, which has capped recent rallies, is a key test of whether the latest advance can be sustained.
Crypto-related stocks opened the Wednesday U.S. session with sizable gains as bitcoin BTC$73,261.36 surged above $72,000 for the first time in almost a month.
Crypto exchange Coinbase (COIN) jumped above $200 to its strongest price since late January, up 12% in the first minutes of trading. Strategy (MSTR), the largest corporate bitcoin holder, advanced nearly 9% to a one-month high.
Galaxy Digital (GLXY), Robinhood (HOOD) and Ethereum treasury firm BitMine (BMNR) were up 6%-8%. Stablecoin issuer Circle (CRCL) climbed another 6%, now up over 70% in the week since its fourth-quarter earnings report.
Bitcoin miners, increasingly tied to the artificial intelligence data center buildout, also rebounded following the Tuesday selloff. Bitfarms (BITF), Hive (HIVE), Hut 8 (HUT) and IREN saw 6%-10% gains.
The broader U.S. equity market was also seeing gains, with the Nasdaq and S&P 500 each higher by about 1% in early action.
The strong early showing came as bitcoin jumped to $72,600 at the start of the U.S. session, its highest price since early February. Recently, it pared some of the gains and retreated to $71,500, still up roughly 5% over the past 24 hours.
The $70,000-$72,000 range, which capped previous rally attempts over the past month, is a crucial zone for bitcoin to overcome if this rally is to last.
Bitcoin's outperformance over equities comes after crypto assets have massively underperformed any other asset class over the past two months, which could explain why it is now diverging, according to Wintermute OTC trader Jasper De Maere. Another factor could be that, unlike stocks, digital assets are not tied to supply chains, energy costs, or other narratives that seem to be weighing on prices, he wrote in a note.
De Maere also argued that equities and crypto have become "substitute risk-assets." With uncertainty slowing inflows into stocks, capital may be rotating into digital assets instead. “Uncertainty is slowing down inflows in equities, which creates opportunity for crypto, which is what we’re seeing now,” he said. Still, he cautioned that the outperformance may not last. "The situation is fluid," and a chain reaction of longer tension resulting in higher energy prices, sticky inflation, which could lower the odds of another rate cut, would be negative for crypto.
For now, he expects volatility to persist until there is greater clarity.
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- Keyrock CEO Kevin de Patoul says bitcoin should be much higher given macro uncertainty and institutional progress, but remains priced like a risk-on asset.
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