Crypto

Crypto Stock Surge: Coinbase Up 69%, MicroStrategy Up 74% From Lows

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The share price of cryptocurrency exchange Coinbase has jumped 69% since its all-time lows and other crypto-related stocks, including economic intelligence firm MicroStrategy, have recorded similar jumps with green candles all around since the beginning of 2023.

Coinbase’s stock price fell to $31.95 on Jan. 6, before climbing to $54.14 at the close of trading on Jan. 17.

Coinbase share price for the last month. Source: Yahoo finance

The rise in share price will likely come with a huge sigh of relief for Coinbase executives after a tough 2022 saw it cut 20% of its workforce and decide to end its Japanese operations. Despite the surge, COIN remains more than 84% below its all-time high.

Other crypto-related stocks such as MicroStrategy and digital payments firm Block Inc. also saw strong gains in the new year.

MicroStrategy’s stock price rose to nearly $236 from a low of just over $135 on Dec. 29, representing an increase of more than 74%, while Jack Dorsey’s Block saw the its share price rose a muted but still respectable 27%, after bouncing from a low of below $59 on Dec. 28 to above $75.

The rebound was even more dramatic for crypto mining stocks. Bitfarms and Marathon Digital Holdings saw increases 140% and 120% respectively during the first two weeks of the year.

Crypto exchange-traded funds (ETFs) also rebounded to a lesser extent with the Valkyrie Bitcoin Miners (WGMI) ETF more than doubling in price from just over $4 on December 28 to over $8. $.

The ProShares Bitcoin Strategy ETF (BITO) rose from over $10 on December 28 to a current price of around $13, rising by just under a third.

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Even Grayscale Bitcoin Trust managed to regain some of its losses from 2022, after rising from a low of $7.76 on December 28 to a current price of $11.72, an increase of 51%.

While the trust is designed to reflect the price of Bitcoin (BTC) it often trades at a discount or premium to the value of its underlying holdings and now finds itself at a discount of just over 36% after trading at a discount of over 45% December 28.

Some experts believe that Bitcoin in particular has skyrocketed following positive US inflation figures released on January 12 – having risen more than 17% since then – but it is worth noting that on December 28 appeared to represent a market bottom for many cryptocurrencies and stocks.

While the recent surge in crypto-related stocks is sure to come as a huge relief to those who have invested in them, it should be noted that many of these companies still have a long way to go to get back to their all-time highs. , as underlined. by a January 10 tweet from financial adviser Geneviève Roch-Decter.