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.
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%.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.