Coinbase and MicroStrategy Stocks Surge as Bitcoin Tops $59,000
- Coinbase and MicroStrategy stocks rose 6% and 7%, respectively, as Bitcoin soared above $59,000.
- Analysts say the cryptocurrency market could see volatility amid potential bearish catalysts.
Shares of Coinbase and MicroStrategy were both up more than 6% on Aug. 8 (as of 2 p.m. ET), rising as Bitcoin prices topped $59,000. Coinbase (COIN) stock is trading around $192.30, while MicroStrategy’s MSTR is hovering near $134.23.
Bitcoin’s surge continues its recent momentum since reclaiming support at $50,000. According to data from CoinGecko, the flagship cryptocurrency has gained 7% in the past 24 hours with losses shrinking to around 5% over the past week.
Long-term Holders Remain Bullish as Bitcoin Sees Upsurge
Cryptocurrency analyst Ali Martinez mentioned that long-term holders were actively buying during the recent decline, with a significant increase in Bitcoin holdings.
When we conduct a clearing transaction #bitcoin Futures recently fell to $49,000, and long-term Bitcoin USD Holders are buying. They added more than 184,500 #BTC Their investment portfolio is worth approximately $10 billion! pic.twitter.com/zTL04qy8qQ
— Ali (@ali_charts) August 8, 2024
Short-Term Outlook for Cryptocurrency Market
The positive move in Bitcoin coincided with XRP leading the market higher after a court ruling favoring Ripple in the legal battle with the SEC. Ethereum also showed strength, crossing the $2,600 mark. However, XRP and Ethereum face resistance and potential sell-off pressures in the short term.
Market analysts are cautious due to global macroeconomic uncertainties and geopolitical tensions, signaling possible volatility in the cryptocurrency market in the coming weeks.
