MicroStrategy, Coinbase Surge as Bitcoin Moves Past $43,300

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MicroStrategy, Coinbase Surge as Bitcoin Moves Past $43,300

By Dhirendra Tripathi

Investing.com – MicroStrategy (NASDAQ: MSTR ), Coinbase (NASDAQ: COIN ) and crypto-related stocks were all trading higher Monday as Bitcoin ( BTC/USD ) and other cryptocurrencies built on to their last week’s gains while breaking key technical levels.

MicroStrategy, one of the biggest corporate holders of Bitcoin, was up 10%. Stock of the only listed exchange for crypto assets was up 4.5%. The gains in the stocks follow the 5% rise in Bitcoin that took it past the $43,300-mark today. The world’s largest crypto rose above its 50-day moving average Monday for the first time in more than two months. The 50-day technical mark was around $42,810.

“Bitcoin has broken some key levels and a downward-trending line here over the past few days and is showing signs of bullishness,” but it’s “being capped by the 50-DMA and needs to close above it,” Bloomberg quoted the head of Asia-Pacific at Luno Pte, Vijay Ayyar, as saying.

Bitcoin’s Friday rise was the biggest since October and it held on to that through the weekend.

Other top cryptocurrencies like Ether ETH/USD and Solana were up 4% and 6%, respectively. Dogecoin DOGE/USD gained 10% and Shiba Inu SHIB/USD 42%.

Cryptos were lately under pressure as investors fled risky assets amid rising tensions between Russia and the U.S. Rising crude prices and prospects of an interest rate hike by the Fed in March were adding to the pressure. The scenario hasn’t changed since but the cryptos are again showing bullish signs. According to Luno’s Ayyar, “The next stop from here is $46,000 to $47,000” for Bitcoin.

Stocks of Hut 8 Mining (NASDAQ: HUT ) and Marathon Digital (NASDAQ: MARA ) were up 11% each. Bit Digital (NASDAQ: BTBT ) rose 10% and Riot Blockchain (NASDAQ: RIOT ) 9%. ADRs of Argo Blockchain (NASDAQ: ARBK ) gained 3.5%.

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