Coinbase And Other Crypto Stocks Rally With BTC, ETH Rebounding

Coinbase and other crypto stocks rally alongside Bitcoin and eTH that started rebounding overnight during the relief in the crypto prices and the markets so let’s read more today in our latest cryptocurrency news.

As the price of Bitcoin and ETH increased today and the shares of the companies traded on Wall Street with bigger exposure to crypto buoyed upwards. Among the crypto prices, Polygon’s MATIC led the charge and increased 22% on the day according to the data from CoinMarketcap. Ethereum increased by 10.5% over the past day to $1500 and made some weekly gains of over 30% with BTC increasing over 4.5% over the past $22,000.

MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin. As of 6/28/22 @MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin. $MSTRhttps://t.co/leQYTXn817

— Michael Saylor⚡️ (@saylor) June 29, 2022

The shift in what was seen as a bear market for investors and traders. BTC and ETH are down 70% from their all-time high as a worsening macroeconomic condition with the threat of the recession and the shared investment appetite in the risk assets so the appetite seems to have been weakened but only temporarily. For Marathon Digital Holdings, the digital asset technology business which specializes in crypto mining, the increased pressure in the digital asset prices sent the stock prices soaring 22% to $9.82 from $8.83 which is a trading volume tripling the daily average as per the data from Nasdaq.

The shares of Coinbase jumped 9% on the day to $59 despite the internal email sent to the influencers regarding the affiliate-marketing program that the company said it will end tomorrow because of the bear market in the digital asset prices. In the past 24 hours, 30% of the volume on Coinbase’e exchange came from Ethereum and 20% of the BTC trades. The company is one of the most involved in the crypto market now facing financial headwinds amid the decline in the price of digital assets.

Among the ones that are publicly traded, both Coinbase and Robinhood announced layoffs as Coinbase let go 18% of the workers last month. MicroStrategy Incorporated holds 129,699 BTC popped to 4246 before dropping down to $227 as the company saw the stock prices increase by 6% in one day. As per the tweet from company CEO Michael Saylor, the company spent $4 billion to build up its BTC stash.

BTC mining company Bit Digital also saw an increase as the stock price increased 5% to 1.70 as per NASDAQ. Riot Blockchain focused on BTC mining and saw the shares surging 12% at the time of writing even though the company suspended operations in Texas amid the heat wave and sold more BTC than it produced in May. The traders were less bullish on BLock In known as Square as the San Francisco-based company’s shares also increased above 1% on the day to $66.81.

The Coinbase and other crypto stocks increased the most and the trading platform allow users to invest in crypto with Robinhood Markets edging up by 2% to .
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