Today, amidst the market recovery, popular crypto stocks Coinbase (COIN) and MicroStrategy (MSTR) experienced a remarkable rally.
Today, the cryptocurrency market experienced a noteworthy resurgence as Bitcoin (BTC) reclaimed the $65,000 threshold. This resurgence infused the market with renewed optimism, which fueled the performance of numerous crypto-related equities. Furthermore, during the pre-market session, Coinbase (COIN) and MicroStrategy (MSTR) stocks experienced significant increases in value.
The stock of Coinbase, one of the most prominent cryptocurrency exchanges, increased as investors regained faith in the cryptocurrency market. As of press time, the price of the company’s stock had risen by 2.81% from the previous trading session, reaching $224.20. Moreover, the COIN stock closed at $218.08 on Thursday, representing a gain of 2.01%.
Similarly, the stock price of MicroStrategy, the preeminent institutional investor in Bitcoin, increased. As investor interest in MicroStrategy stock increased, anticipation for the impending Bitcoin halving grew. The MSTR stock increased 4.04 percent in pre-market trading today, reaching $1,257. The stock increased by 1.69% earlier and closed on Thursday at $1,208.16.
Furthermore, it is essential to highlight the significant timing of these rallies, as they transpired immediately preceding the Bitcoin Halving event. An event occurs at an approximate four-year interval, during which the mining rate of new Bitcoins is decreased. Throughout history, Bitcoin halvings have been correlated with substantial increases in the value of BTC. As a result of the reduced supply of new Bitcoins entering the market, prices may increase.
However, in spite of the prevailing optimistic sentiment in the cryptocurrency market, the Robinhood (HOOD) stock stood out as a noteworthy anomaly. The HOOD stock encountered a decline contrary to the prevailing trend. Friday morning, the stock decreased 0.23 percent to $17.04 during pre-market trading.
Before the Halving event, the Bitcoin price regained momentum and surpassed the $65,000 threshold. As of the time of writing on Friday, April 19, the BTC price had increased by 4.58% to $65,293.13. In contrast, the market capitalization of the oldest cryptocurrency was $1.28 trillion.
Furthermore, the transaction volume of Bitcoin increased by 15.27% to $50.54 billion. The most recent rebound may have been caused by the crypto community’s optimism regarding the impending halving. Nonetheless, some crypto analysts have predicted that the halving has already been factored in and that Bitcoin’s price will not increase significantly following the event.
In addition, long positions continue to dominate liquidations during the recovery, which may stimulate a decline. In the preceding twenty-four hours, $55.62 million worth of long liquidations of Bitcoin were documented, per Coinglass data. Furthermore, short sellers persisted in their efforts to reduce losses by repurchasing their positions through liquidations exceeding $50 million.
