Several crypto stocks surged today after cryptocurrencies It also bounced up this weekend. Bitcoin (CRYPTO:BTC) In particular, it has increased by 15% and is now trading at around $34,540 per token.
Shares of popular crypto exchanges Coinbase Global (NASDAQ: Coin) Up almost 10% today as the shares of the business intelligence company MicroStrategy (NASDAQ:MSTR) Increased 13.5% shares of investment vehicles. Greyscale Digital Large Cap Fund (OTC:GDLC) It rose nearly 10% on Monday as shares of Chinese tech firm Chinese. The9 Limited (NASDAQ:NCTY) 12.6% increase
The rise of stocks operating in the crypto space appears to be linked to the recovery of cryptocurrencies. cryptocurrencies on the weekend Cryptocurrencies It has been a huge hit this year, with Bitcoin approaching $65,000 at one point before dropping below $30,000.
There are specific events for small companies. This has happened recently, for example, Coinbase was recently approved to provide crypto custody service in Germany, and last week MicroStrategy Adds $489 Million Bitcoin To Its Balance Sheet but the recovery of cryptocurrencies It’s what seems to fuel these stocks today. which makes sense for their business
Coinbase, for example, is one of the most popular exchanges for buying and selling. cryptocurrencies While the company makes a lot of money considering the fees it collects from each trade. This is especially true as Bitcoin increases as it brings more users to the platform. So there are more transactions. And for the most part, these other companies benefit when cryptocurrencies, which tend to move together, trade higher.
Grayscale operates trusts that sell publicly traded stocks. Investor Buy Shares and Bitcoin Buying Trusts allow investors to disclose information without having to buy through exchanges and buy real tokens. The9 is a mining technology company. cryptocurrencies while MicroStrategy It is a software company that primarily handles Bitcoin instead of cash.
Not every aspect of these four companies and the way they make money needs to be linked to. cryptocurrencies but most of the time Buying these stocks is a Bitcoin bet, which, as we saw this year, evaporates.
So if you are buying these stocks You should believe in a future where the price of Bitcoin will go up, I’m not sure. cryptocurrencies Have you reached the lowest point? But I believe there is a future for many popular people like Bitcoin and etherThis is due to the more efficient payment capabilities and other real-world applications such as smart contracts.
I also believe there is solid potential for crypto stocks such as Coinbase. ARK Invest CEO Cathie Wood has bought Coinbase, currently trading at around $247 per share. And some analysts have set a price target of $600 for the stock. Coinbase has finally been able to move less with the price of Bitcoin over time. So it definitely has long-term potential. But expect these volatility and stocks to move strongly along with the price of cryptocurrencies in the near future.
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