TL;DR
1.Traditional markets, meet crypto: MicroStrategy and Coinbase lead the charge.
2.MSTR and COIN mirror BTC trends, peaking with crypto's yearly high.
3.MSTR experiences 39% correction, retraces to $521 at 0.618 Fibonacci level.
4.COIN retraces 38%, hitting $187 top, aligning with 0.618 Fibonacci level.
5.COIN surges 500%, MSTR 443% in 2023, amplifying BTC and crypto gains.
While cryptocurrencies surge, traditional stock markets witness a rise in crypto-related stocks like Microstrategy (MSTR) and Coinbase (COIN), hinting at potential price upticks.
Before Spot Bitcoin ETFs, accessing crypto in traditional markets was challenging. Companies like Microstrategy, led by CEO Michael Saylor, invested significantly in bitcoin, while Coinbase facilitated exposure to various cryptocurrencies.
Both MSTR and COIN charts align with BTC's trends, starting upward trends alongside BTC's bull market. They also topped around the same time BTC hit its yearly high.
Source: Coingecko/Trading View
MSTR underwent a 39% correction from its January peak of $727, retracing to the 0.618 Fibonacci level around $521.
COIN's correction saw a 38% retrace from its $187 top, precisely hitting the 0.618 Fibonacci level. Both stocks appear to have established new potential price bases.
Source: Coingecko/Trading View
With COIN's 500% growth and MSTR's 443% growth in 2023 compared to BTC's 221%, these stocks acted as leverage on bitcoin and crypto.
As cryptocurrencies surge, traditional stock markets see a rise in crypto-related stocks like Microstrategy (MSTR) and Coinbase (COIN), suggesting potential price upticks. MSTR and COIN charts mirror BTC's trends, starting upward alongside its bull market and topping around the same time as BTC's yearly high. MSTR corrected by 39%, retracing to the 0.618 Fibonacci level, while COIN saw a 38% retrace, hitting the same Fibonacci level. Both stocks seem to have established new potential price bases, acting as leverage on bitcoin and crypto with significant growth compared to BTC in 2023.
Soros Fund Management disclosed holdings of $6 billion across 193 positions in Q1 2024, with a notable $135 million investment in MicroStrategy (MSTR). MSTR's ties to Bitcoin and strong Q1 performance reflect investor interest in crypto-related companies.
EdmundThe value of MicroStrategy’s Bitcoin holdings has grown to about $13.5 billion since the company began buying the digital asset as part of its efforts to hedge against inflation.
JinseFinanceA few days ago, Microstrategy, a US-listed company known for its accumulation of Bitcoin (BTC), released its fourth quarter financial report for 2023.
JinseFinanceGolden Finance launches the 2231st issue of the cryptocurrency and blockchain industry morning report "Golden Morning 8:00" to provide you with the latest and fastest digital currency and blockchain industry news.
JinseFinanceMicrostrategy's aggressive Bitcoin investments and innovative Lightning Rewards program underscore its strong belief in cryptocurrency as a key corporate asset.
BrianSaylor previously stated that the move would allow him to meet his “personal obligations” and, of course, purchase more Bitcoin.
JinseFinanceMicroStrateg was founded nearly 35 years ago, and for much of its history it was a little-known software company focused on business intelligence. MicroStrategy's investor appeal comes almost entirely from Bitcoin.
JinseFinance
The soon-to-be former CEO said splitting the roles of MicroStrategy's chief executive officer and chair would help the firm pursue its strategy of "acquiring and holding Bitcoin."
CointelegraphThe Bitcoin market has been extremely volatile and leaning towards dips that left many traders and investors on panic mode. ...
Bitcoinist