Coinbase (COIN) recorded an increase in value of 410% per unit, demonstrating investor interest in companies linked to cryptocurrencies.
The crypto exchange Coinbase and the Bitcoin purchasing company, Microstrategy They rebound strongly in premarket due to the rise in cryptocurrencies and especially Bitcoin, which reaches a new high since April 2022.
In this framework, Coinbase rises 2.1% in premarket while MicroStrategy does so by more than 6%. In the last few hours, the business intelligence firm MicroStrategy continues to accumulate bitcoins amid growing anticipation over the possible approval of an exchange-traded fund (ETF) for the spot price of the cryptocurrency in the United States.
The company purchased another 14,620 units of bitcoin for US$615.7 million between November 20 and December 26, 2023, as officially announced in a document sent to the United States Securities and Exchange Commission (SEC).
The purchase brings MicroStrategy’s bitcoin holdings to 189,150 units, with purchase spending reaching $5.9 billion and an average price of around $31,168 per unit.
It was also known that Coinbase (COIN) registered an increase in value of 410% per unit, demonstrating investor interest in the companies linked to cryptocurrencies.
Interest in crypto companies: why is it?
The factors that could be generating this increase in interest are several. On the one hand, the recovery of the Bitcoin market that has alleviated the losses of the last year. Likewise, the possible approval of a Bitcoin Spot ETFwhich allows institutional trading of the currency.
The next halving (which will occur in 2024) could also be an incentive for investors to have their eyes on cryptocurrency mining companies. Above all, taking into account that these firms have been acquiring mining equipment and centers to expand their business in view of the new year.
In general terms, this behavior in the stock market It is a tendency to observe. It could, at best, be a sign that the optimism about bitcoin and its markets adjacent areas is here to stay and next year could be auspicious.
Source: Ambito
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