Wednesday, May 29, 2024

Coinbase and MicroStrategy See Jump in Share Prices.

Crypto exchange Coinbase and business intelligence firm MicroStrategy have recorded a surge in share prices after a challenging 2022. Coinbase share is up 69% after it fell as low as $31.95 on January 6. It is now trading at $54.14. MicroStrategy is trading at $236 from a low of $135 on December 29.

However, COIN, the crypto exchange’s native currency remains more than 84% below its all-time high. In 2022, Coinbase had to cut 20% of its workforce and shut down its Japanese operations.

Crypto mining stocks are also seeing a dramatic rebound. Bitfarms and Marathon Digital Holdings surged 140% and 120% respectively, in the first half of January 2023. Crypto exchange-traded funds (ETFs) have increased but to a lesser degree. Valkyrie Bitcoin Miners ETF (WGMI) has more than doubled, trading at $8 from the December lows of $4. Moreover, ProShares Bitcoin Strategy ETF (BITO) surged over $10 on December 28 to the current price of $13. Grayscale Bitcoin Trust seems to have regained from much of its 2022 losses. It is currently at $11.72 from December’s $7.76.

The price increases can be attributed to Bitcoin’s price surge. Experts believe the popular cryptocurrency’s rally is due to US’s positive inflation figures. Since January 12, Bitcoin has increased by over 17%. While the price jump is a relief for investors, many companies have a long way to go to return to their all-time highs.

All for the test.

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