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Crypto Stocks Rally Pre-Market as Bitcoin Tops $46K

February 11, 2024 | by stockcoin.net

crypto-stocks-rally-pre-market-as-bitcoin-tops-46k

Crypto stocks such as COIN, MSTR, MARA, RIOT, and CLSK experienced significant gains in pre-market trading as Bitcoin surged above $46,000 for the first time in almost a month. Mining firm CleanSpark led the way with a nearly 20% increase, driven by positive Q3 2023 results. Traders and investors are highly optimistic about the cryptocurrency market as Bitcoin continues its rally, with a weekly gain of nearly 10%. Additionally, CoinDesk’s 20 Index, which measures the overall performance of the digital asset market, saw a rise of approximately 2.6%. CleanSpark, Riot Platforms, and Marathon Digital Holdings were identified as favored stocks by brokerage firm Bernstein due to the forthcoming halving, while cryptocurrency exchange Coinbase and software company MicroStrategy also recorded gains. As Bitcoin ETFs now hold more BTC than MicroStrategy, the market remains poised for further growth.

Crypto Stocks Showing Healthy Gains in Pre-Market

Crypto stocks such as COIN, MSTR, and mining firms CLSK, RIOT, and MARA have shown positive movement in pre-market trading on Friday. Bitcoin, the leading cryptocurrency, has climbed above $46,000 for the first time in nearly a month. This rally has benefited cryptocurrency-related publicly traded companies, boosting their gains in the pre-market. Bitcoin’s upward momentum has contributed to a significant increase in its value for the week, reaching nearly 10%.

Bitcoin Tops $46K for the First Time in Nearly a Month

In the early hours of the Asian market, Bitcoin surpassed the $46,000 mark, marking its highest price point in almost a month. This upward movement in price has been welcomed by investors and traders, as it indicates a potential bullish trend for the cryptocurrency. The last time Bitcoin reached this price level was nearly a month ago, and since then, it has been consolidating and building momentum for its next potential move.

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Cryptocurrency-Related Publicly Traded Companies Gain in Pre-Market

As Bitcoin exceeded $46,000, publicly traded companies related to the cryptocurrency industry experienced significant gains in pre-market trading. Stocks such as COIN, MSTR, CLSK, RIOT, and MARA all showed positive movement, reflecting the overall positive sentiment in the market. These companies are closely tied to the performance of Bitcoin and other cryptocurrencies, and their gains indicate a growing confidence in the digital asset market.

Bitcoin’s Rally Boosts Gains for the Week

With Bitcoin’s surge above $46,000, its rally has led to substantial gains for the week. The cryptocurrency has seen an increase of nearly 10% in its value, reflecting the positive market sentiment and growing demand for digital assets. This upward movement has created a favorable environment for cryptocurrency-related companies, driving their stock prices higher and indicating a strong performance for the overall market.

Bitcoin’s Performance in the Last 24 Hours

Over the past 24 hours, Bitcoin has seen a gain of just over 4%. This steady increase in price is an encouraging sign for investors and traders, suggesting a sustained upward trend. The positive performance of Bitcoin sets a positive tone for the broader digital asset market, fostering investor confidence and attracting new participants to the industry.

CoinDesk 20 Index Shows Overall Market Performance

The CoinDesk 20 Index, which measures the overall performance of the digital asset market, has risen approximately 2.6% as a result of Bitcoin’s rally. This index provides insights into the collective performance of the top digital assets and serves as a benchmark for investors and traders. The increase in the CoinDesk 20 Index indicates a favorable market environment, suggesting potential opportunities for investors looking to capitalize on the positive momentum.

CleanSpark Leads the Way with Almost 20% Increase

CleanSpark, a mining firm, has witnessed significant growth in its stock price, with a nearly 20% increase. This impressive performance can be attributed to positive results for Q3 2023, which were announced by the company on Thursday. CleanSpark’s strong financial performance reinforces investor confidence and demonstrates the company’s ability to generate profits in the rapidly evolving cryptocurrency industry.

Mining Firm Reports Positive Q3 2023 Results

CleanSpark’s positive Q3 2023 results have contributed to the company’s stock price surge. The firm reported a fiscal first-quarter profit of $25.9 million, a considerable improvement compared to the $29 million loss reported in the same period the previous year. These positive financial results reflect the company’s effective strategies and successful operations within the cryptocurrency mining sector.

Riot Platforms and Marathon Digital Holdings Rally

Riot Platforms and Marathon Digital Holdings, two prominent mining firms, have also experienced significant rallies in their stock prices. Riot Platforms witnessed a 7% increase, while Marathon Digital Holdings saw an 8% increase. These mining companies are recommended as an entry point for investors seeking exposure to Bitcoin. As the cryptocurrency market continues to grow, mining stocks offer a viable avenue for investors looking to capitalize on the industry’s expansion.

Mining Stocks Recommended as Entry Point for Bitcoin Exposure

Broker Bernstein has recommended mining stocks, such as Riot Platforms and CleanSpark, as a favorable entry point for investors seeking exposure to Bitcoin. With the forthcoming halving event, which reduces the mining reward by 50%, the demand for mining stocks is expected to increase. These stocks provide investors with an opportunity to benefit from the growing popularity and value of Bitcoin without directly owning the cryptocurrency.

Cryptocurrency Exchange Coinbase and Software Company MicroStrategy Show Gains

Cryptocurrency exchange Coinbase and software company MicroStrategy have both shown gains in the region of 5%. Coinbase, one of the leading exchanges in the industry, benefits from increased trading volumes and user activity as Bitcoin’s price rises. MicroStrategy, on the other hand, holds a significant amount of Bitcoin on its balance sheet, making its stock price sensitive to the cryptocurrency’s performance. These gains reflect the market’s positive response to Bitcoin’s rally.

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BlackRock’s Bitcoin ETF Adds to the Positive Trend

BlackRock’s Bitcoin exchange-traded fund (ETF), the first of the new spot BTC ETFs to reach $2 billion in assets, has added approximately 2.75%. This ETF provides investors with exposure to Bitcoin without directly owning the digital asset. Its growth indicates a growing interest in Bitcoin among institutional investors and further validates the positive sentiment in the broader cryptocurrency market.

Bitcoin ETFs Hold More BTC Than MicroStrategy

Bitcoin ETFs, including BlackRock’s ETF, now hold more BTC than MicroStrategy. This shift highlights the increasing popularity of ETFs as an investment vehicle for gaining exposure to Bitcoin. ETFs offer a regulated and accessible way for investors to participate in the cryptocurrency market without the complexities of owning and securing the underlying assets. The rise in BTC holdings by ETFs reflects the changing landscape of cryptocurrency investments.

CoinDesk’s Acquisition by Bullish Group

CoinDesk, a leading news and information outlet in the cryptocurrency industry, was acquired by Bullish Group in November 2023. Bullish Group, the owner of Bullish, a regulated institutional digital asset exchange, is majority-owned by Block.one. Both Bullish Group and Block.one have significant holdings of digital assets, including Bitcoin. CoinDesk operates as an independent subsidiary within the Bullish Group, maintaining its editorial integrity and journalistic standards.

Formation of Editorial Committee to Support Journalistic Integrity

As part of the acquisition by Bullish Group, CoinDesk has established an editorial committee comprising industry experts to ensure journalistic integrity and uphold the highest standards of reporting. Chaired by a former editor-in-chief of The Wall Street Journal, the committee’s formation reflects CoinDesk’s commitment to providing accurate, unbiased, and reputable news and information to its readers. The editorial committee will play a crucial role in maintaining the quality and credibility of the content produced by CoinDesk.

Information about CoinDesk and Contact Details

CoinDesk is a prominent media outlet specializing in news and information related to cryptocurrency, digital assets, and the future of money. The platform aims to provide unbiased and reliable coverage of the industry, adhering to the highest journalistic standards. CoinDesk offers various resources, such as newsletters, podcasts, videos, and events, to keep its audience informed and engaged.

For more information about CoinDesk, including details on upcoming events and contact information, please visit the CoinDesk website. The platform provides a comprehensive and valuable resource for individuals and businesses interested in staying updated on the latest developments in the cryptocurrency industry.

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