Crypto stocks have picked up pace in the last 48 hours amid positive macroeconomic factors and institutional inflows to the market. This week, crypto stocks have wobbled due to the activities and prices of digital assets. As Bitcoin price slumped due to Mt Gox repayments and the German government sales, a ripple effect was recorded in several industry areas.
Crypto Stocks Notch Gains
Crypto stocks have recovered after weeks in the doldrums following macro factors. This growth is seen in Coinbase (COIN), MicroStrategy (MSTR), and bitcoin mining stocks. Digital asset exchange Coinbase (COIN) recorded a 1.58% growth to trades at $218.02 after the on-chain volumes surged in the last 24 hours. The asset’s attempt to wipe off weekly gains continues after a seven-day plunge to 3.58%
In the last month, the crypto stock nosedived by 14.49%. MicroStrategy continues to trade with the wider digital asset market as the company remains bullish on crypto assets. This week the company ma stock jumped 7% after it unveiled a 10-1 split making it more accessible to the company’s employees and a wider range of investors.
MSTR trades at $1,396, picking up a 2.81% gain today after a month that saw its price plunge 12.9%. Several bulls await upticks in the price of Bitcoin so see inflows to MicroStrategy and other assets affected by the crypto market. Meanwhile, crypto mining stocks also gained momentum as asset reserves rose. Galaxy Digital broke out of the red zone with a slight 0.19% while Marathon Digital soared above 9%.
Crypto Prices Pick-Up
Crypto stocks are influenced by the prices of digital assets or developments in blockchain technology leading to movements. The crypto market is up 1.1% today after previous lows due to German Bitcoin sales. The better-than-expected US CPI report also rallied the markets. As consumer prices plummeted in the United States, gold, Bitcoin and other crypto assets saw inflows.
Market projections are up for financial assets with anticipated interest rate cuts by the Federal Reserve as early as September. This is held as a boost to drive inflow to risky assets.
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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
