Coinbase and MicroStrategy Exit as Bitcoin Reclaims $59k
Shares of Coinbase and MicroStrategy rose 6% and 7%, respectively, while bitcoin rose above $59,000.
Analysts say the crypto markets may be in a tizzy amid bearish factors.
Coinbase and MicroStrategy Shares Aug. 8 (at 2 p.m.) each rose more than 6%, gains as the price of Bitcoin fell above $59,000.
Coinbase (COIN) stock traded around $192.30, while MicroStrategy MSRL hovered around $134. 23.
Read more: With Michael Saylor's bet paid off in Bitcoin, his BTC holdings have now increased by $1B.
Bitcoin rally looks to extend recent momentum after finding support above $50,000. According to data on CoinGecko, the main cryptocurrency has increased by 7% in the last 24 hours. Last week's losses narrowed to 5%.
Meanwhile, crypto analyst Ali Martinez says long-term holders aggressively bought the recent dip.
Long term $BTC holders were buying as we saw liquid trade in #Bitcoin futures near $49,000. They added over 184,500 #BTC to their portfolios, which is around $10 billion! pic.twitter.com/zTL04qy8qQ
— Ali (@ali_charts) August 8, 2024
Short term view
This positive move for BTC comes from XRP vs. Ripple. The crypto market has been driving higher since the last court decision in the SEC case. XRP traded above $0.63 to help Stellar (XLM) and other altcoins rise. Ethereum has breached the $2,600 mark.
However, XRP is poised at a key defensive zone, and Ethereum still has to contend with potential bearish pressure.
“In recent trading there is a jump in ETH liquidity ($21,394 $wstETH ~ $63.6M left) and Plus Token Ponzi 2 ETH wallets moving a total of 25,757 ETH ($63.1M) in the last 30 hours. There is potential at the top end,” according to QCP Capital analysts. He wrote.
The broader market remains highly cautious as analysts point to geopolitical tensions in the global macro environment and the Middle East. In this case, crypto could still see a pullback in a rough month or so.
