Coinbase, Crypto Stocks Gain As Bitcoin Reclaims $50,000-level

By Dhirendra Tripathi – Coinbase (NASDAQ:COIN) and stocks of other crypto-linked companies are set for a higher opening Monday as Bitcoin (BitfinexUSD) reclaimed the $50,000-mark and other digital currencies like Cardano Cardano and Polkadot pDOTn/USD soared.

Coinbase traded 3% higher in premarket, while other stocks traded higher. Riot Blockchain (NASDAQ:RIOT) jumped 6.2% and Marathon Digital (NASDAQ:MARA) gained 7.4%.

Hut 8 Mining (TSX:HUT_t) soared 9% and Bit Digital (NASDAQ:BTBT) was up 6%.

MicroStrategy (NASDAQ:MSTR), one of the biggest Bitcoin investors among listed companies, rose nearly 5%.

According to a company note, MicroStrategy held approximately 105,085 Bitcoin as of June 30 at an aggregate cost of $2.7 billion. The most valued digital currency by market cap traded at a high of $36,089 that day. It touched a high of $50,498 today and later traded at $50,350.

Assuming MicroStrategy is still holding those coins, they will be worth $5.29 billion, a 96% appreciation from their cost price.

Cryptocurrencies have recovered sharply after China’s tightening of rules on their trading led to sharp cuts in prices in May. More companies are now accepting payments in Bitcoins and, despite much brouhaha, most governments haven’t really tightened the rules too much.

Bitcoin last traded above $50,000 on May 15 before slumping to a low of $30,261 just four days later.

Related Articles

Coinbase, Crypto Stocks Gain As Bitcoin Reclaims $50,000-level

Axsome says U.S. FDA asks for no extra data for depression drug, shares surge

Pfizer to buy cancer drug developer Trillium in $2.3 billion deal