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Bitcoin Spike Boosts Coinbase, MicroStrategy Stock Prices

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Bitcoin Spike Boosts Coinbase, MicroStrategy Stock Prices

(CTN News) – The price of Bitcoin (BTC) is not the only asset that is performing well today: crypto stocks are doing well as well.

The largest cryptocurrency by market capitalization is approaching $72,000 after experiencing a lull last week. As per CoinGecko, Bitcoin is now less than 3% from its all-time high. March was the month when it reached that level.

Stocks of companies providing exposure to the crypto industry have increased as a result. It is currently trading at $1,531.67 per share, up over 6% from yesterday’s close. MicroStrategy (NASDAQ: MSTR) is a self-proclaimed “Bitcoin development company.”

As a result of aggressively adding BTC to its balance sheet this year, the software company has vastly increased its value – its stock has more than doubled since January and has gained over 122% in value this year.

As a result of the stock’s safety, Michael Saylor, the company’s co-founder and chairman, has argued that investors are able to gain exposure to Bitcoin in a safe manner. BTC now amount to $15 billion in the company’s possession.

In addition, San Francisco-based Coinbase (NASDAQ: COIN), America’s largest crypto exchange, is also up more than 6%. The exchange-which became public in 2021-has been on a roll this year: it released its Q4 2023 results in February, indicating that the exchange is back in the black.

As of today, Coinbase’s stock is trading at $255.99 per share, an increase of over 63% from this time last year.

With over 9,000 Bitcoins ($700 million in digital coins) held, Tesla (NASDAQ: TSLA), one of the largest public companies to hold Bitcoin, has jumped by more than 5% and is now trading at $173.39.

Bitcoin mining companies have experienced a marginal increase. CleanSpark, which uses green energy to mine BTC, has risen more than 1% and is now trading at $15.79 per share.

Hut 8 Corp (NASDAQGS: HUT) has risen less than 2%, and is now trading at $9.14, while Hut 8 Corp (NASDAQGS: HUT) has jumped less than 2%.


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Alishba Waris is an independent journalist working for CTN News. She brings a wealth of experience and a keen eye for detail to her reporting. With a knack for uncovering the truth, Waris isn't afraid to ask tough questions and hold those in power accountable. Her writing is clear, concise, and cuts through the noise, delivering the facts readers need to stay informed. Waris's dedication to ethical journalism shines through in her hard-hitting yet fair coverage of important issues.

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