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Crypto Market Update
Bitcoin (BTC) is not the only asset making waves in the market today; crypto stocks are also experiencing significant growth. The leading cryptocurrency by market cap is currently hovering around $72,000 after a brief period of stagnation last week. It stands just under 3% below its all-time high of $73,737, achieved in March, according to data from CoinGecko.
MicroStrategy (NASDAQ: MSTR)
One notable example is MicroStrategy, a self-proclaimed “Bitcoin development company,” whose stock has surged by over 6% to reach $1,531.67 per share. The software firm has been actively increasing its Bitcoin holdings this year, leading to a substantial rise in its value. Since January, MicroStrategy’s stock has more than doubled, boasting a remarkable increase of over 122%. The company’s co-founder and chairman, Michael Saylor, has advocated that investing in their stock offers a secure way for investors to gain exposure to BTC, as the company currently holds $15 billion worth of Bitcoin.
Coinbase (NASDAQ: COIN)
Similarly, San Francisco-based Coinbase, America’s largest crypto exchange, has seen its stock price surge by more than 6%. After going public in 2021, Coinbase has been enjoying a successful year. The exchange recently shared its Q4 2023 results in February, revealing a return to profitability. Today, Coinbase’s stock is valued at $255.99 per share, marking a significant increase of over 63% this year.
Tesla (NASDAQ: TSLA)
Another key player in the market, electric car titan Tesla, has also witnessed a price surge of more than 5%, now trading at $173.39. Tesla is among the largest public companies that hold Bitcoin, with over 9,000 BTC worth $700 million in digital assets.
Bitcoin Mining Companies
Bitcoin mining companies have also experienced minor gains. Hut 8 Corp has seen an increase of less than 2%, with its stock now priced at $9.14 per share. CleanSpark, a company that utilizes green energy to mine Bitcoin, has surged over 1% and is currently priced at $15.79 per share.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and should not be considered as financial, investment, or any other form of advice.
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