Get a jump start on the US trading day with "Bloomberg Open Interest". Matt Miller, Katie Greifeld and Sonali Basak.
It stands to reason that cryptocurrency miners, including those residing in exchange traded funds such as the CoinShares Valkyrie Bitcoin Miners ETF (WGMI), play important roles in affecting bitcoin prices. After all, these companies accumulate bitcoin through their mining activities and there are times when they are sellers.
Bitcoin's BTC/USD tumble below $80,000 sent shockwaves through crypto-related stocks on Monday, with names like Coinbase Global Inc COIN, Robinhood Markets Inc HOOD, MARA Holdings Inc MARA and Riot Platforms Inc RIOT all taking a hit in early trading.
The RUT closed down 4% while the SPX and NDX each shed more than 3% in a turbulent week on Wall Street. The SPX hovered near its 200-day SMA in the back half of the week as investors digested uncertainty surrounding tariffs.
Rosenblatt analyst Chris Brendler initiated coverage on Coinbase Global COIN with a Buy rating and a price target of $305.
“I think Google realizes that this is a once-in-a-generation chance to reinvent the search experience”
Cryptocurrencies surged Sunday after the White House announced plans for a crypto summit while disclosing the assets that would make up a potential U.S. crypto strategic reserve. Those are bitcoin, ether, XRP, solana and cardano.
It's no understatement to say that bitcoin closed out February on a somewhat sour note. In the last week of the month, the price of bitcoin plummeted about 16%.
Reiterating a bullish stance on Hut 8 with a $30 price target, citing improved fundamentals and diversification beyond Bitcoin mining. Hut 8's strategic shift includes revenue from AI, data centers, and power generation, reducing dependency on Bitcoin's volatile price. Strong 2024 earnings showed significant growth in net income and adjusted EBITDA, despite a decline in quarterly revenue due to Bitcoin halving.
Last week, bitcoin endured a double-digit loss as the largest cryptocurrency flirted with wiping out nearly all of its post-presidential election gains. Laboring around $84,500 at this writing, bitcoin would need to gain 22.37% to reclaim its all-time high, confirming it's in a bear market.
Cryptocurrencies are surging today, with Bitcoin (BTC) up 10% after President Donald Trump announced a strategic U.S. crypto reserve.
Extreme sentiment suggests a potential market bottom, President Trump announces a crypto strategic reserve, and Tesla is renewed as a "Top Pick" at Morgan Stanley.