The global digital assets market kicked off the week on a positive note after the completion of Bitcoin’s fourth-ever halving. However, the publicly traded crypto mining companies also recorded a boost in their stock prices pre-market. This reflects that bullish sentiments still persist among the investors.
MicroStrategy leads the way
MicroStrategy Inc (NASDAQ: MSTR) recorded a massive price jump of over 9% in early US trading hours. MSTR is trading at an average trading price of $1,285, at the press time. The fresh surge would help the company to wipe out the decline it recorded over the last few weeks.
MicroStrategy share price is down by more than 15% over the past month. It is still down by almost 3% in the last 5 days. This decline comes amid the increasing Israel-Iran tensions and selling pressure on Bitcoin last week. However, executive chairman Michael Saylor sold some Class A shares.
Major mining companies like Marathon Digital and Riot Platforms led the charge in posting gains of around 3% and 5%, respectively, in pre-market trading. This positive momentum can also be seen in stocks of CleanSpark and Iris Energy. They saw a surge of 3% and 4%, respectively.
In addition to mining stocks, broader crypto linked equities also seen positive movement. Coinbase and Robinhood shares witnessed increases of 3% and 3%, respectively.
Coinbase Global Inc (NASDAQ: COIN) price is now up by more than 4%. COIN is trading at an average price of $220.25, at the press time. However, It is also recovering from the drop of over 13% recorded in the span of the last one month.
Will this rally continue?
The global crypto market cap is marginally up to stand at around $2.42 trillion. The biggest crypto, Bitcoin price jumped by 2% in the last 24 hours. BTC is trading at an average price of $66,042, at the press time.
Historical data suggests that the full impact of the halving may take several months to materialize. Meanwhile, JPMorgan analysts have warned of potential near-term downside risks for Bitcoin.
In order to reduce the halving’s effects, large mining operations have been proactive in their preparations. Reports show they’ve invested heavily in advanced mining equipment, expanded electricity capacities, and boosted hash rates. These preparations position them well to weather the reduced rewards and potentially capitalize on market opportunities. Conversely, smaller and less efficient mining operations face heightened risks of being forced offline.
The global digital assets market kicked off the week on a positive note after the completion of Bitcoin’s fourth-ever halving. However, the publicly traded crypto mining companies also recorded a boost in their stock prices pre-market. This reflects that bullish sentiments still persist among the investors. MicroStrategy leads the way MicroStrategy Inc (NASDAQ: MSTR) recorded […] Read MoreNews, Bitcoin, Crypto, MicroStrategy, SEC
Todayq News
