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Coinbase, MicroStrategy, Crypto Stocks Post Weekly Highs

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Crypto stocks have turned the tide after previous weeks of outflows as market sentiment remains low. This week, most assets saw inflows erase losses due to the market downturn. Crypto stocks continue to trade alongside the cryptocurrency market and the broader stock market. These assets are influenced by developments in Bitcoin (BTC), altcoins, or blockchain technology.

Weekly numbers show that cryptocurrency stocks have recovered compared to digital assets, although mid-week trading showed slight positivity. The market value is still at US$2.26 trillion, reflecting the negative sentiments in the cryptocurrency market. Here’s how some cryptocurrency stocks have performed this week.

Crypto Stocks Soar to Weekly Gains

Digital asset exchange Coinbase reported shaky numbers with low volumes at the start of the week before massive gains and another round of falling numbers. COIN is trading at $222.23, down 0.7% today, after the market gave a bullish outlook. However, weekly gains climbed above 2.5% after positive mid-week trading.

Coinbase stock has consistently represented market performance over multiple cycles due to fluctuations in activity. This week, the company announced a partnership with payments firm

Stripe to reach more customers.

MicroStrategy (MSTR), the company known for its

Bitcoin Holdings saw significant inflows this week, although the numbers are still in the red zone. MARA is down 9% today, while the weekly numbers are down 1%. However, long-term outflows show the level of recovery in the asset this week. Trading at $1,377, MSTR is down 17.7% this month, wiping out a significant portion of the gains recorded in Q1 2023.

Bitcoin mining stocks surge

Bitcoin mining stocks were arguably the biggest gainers among crypto stocks this week, thanks to a midweek rally and a surge in the asset’s price. Marathon Digital (MARA) is up 0.97% today to $19.85. The asset is up over 7% this week, erasing earlier losses.

Similarly, Canadian mining company Hut 8 rose 24% this week as market and industry activity increased. Riot Platforms also posted gains of 0.22% today, trading at $9.14.

Read too: Could Solana mimic Ethereum and reach $1,000? Analysts weigh in

David Pokima

David is a financial news contributor with 4 years of experience in Blockchain Technology and Cryptocurrency. He is keen on learning about emerging technologies and has an eye for breaking news. Staying up to date with the trends, David has reported on various niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horse riding.

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