HomeCryptoCoinbase up 69%, MicroStrategy up 74% from its lows
Coinbase up 69%, MicroStrategy up 74% from its lows
January 18, 2023
The share price of cryptocurrency exchange Coinbase is up 69% from historic lows, and other cryptocurrency-related stocks, including business intelligence firm MicroStrategy, have seen similar jumps with green candlesticks since early 2023.
Coinbase’s stock price fell as low as $31.95 on Jan. 6, before climbing to $54.14 by close of trading on Jan. 17.
The stock price increase will likely be accompanied by a huge sigh of relief for Coinbase executives after a challenging 2022 saw it cut 20% of its workforce and it decided to shut down its Japanese operations. Despite the surge, COIN remains more than 84% below its all-time high.
Other cryptocurrency-related stocks such as MicroStrategy and digital payments firm Block Inc. also saw strong gains in the new year.
MicroStrategy’s stock price soared to nearly $236 from a low of just over $135 on Dec. 29 — representing an increase of more than 74% — as Jack Dorsey’s Block saw its share price rise by a modest but still a respectable 27%, after rebounding from a low of under $59 on Dec. 28 to over $75.
The rebound was even more dramatic for cryptocurrency mining stocks. Bitfarms and Marathon Digital Holdings recorded increases of 140% and 120% respectively during the first two weeks of the year.
Cryptocurrency Exchange Traded Funds (ETFs) also rebounded to a lesser extent with Valkyrie Bitcoin Miners ETF (WGMI) more than doubling its price from a low of just over $4 on Dec. 28 to over $8.
The ProShares Bitcoin Strategy ETF (BITO) jumped from over $10 on Dec. 28 to a current price of around $13, up by just under a third.
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Grayscale Bitcoin Trust also managed to recoup some of its 2022 losses, after rising from a low of $7.76 on Dec. 28 to a current price of $11.72, a 51% increase.
While the trust is designed to mirror the price of Bitcoin (BTC), it often trades at a discount or premium to the value of its underlying holdings and is now just over 36% off after trading at a higher discount at 45%. on December 28th.
Some experts believe that Bitcoin in particular has skyrocketed on the back of positive US inflation figures released on January 12 – having risen more than 17% since then – but interestingly, December 28 seemed to represent a low market share in many cryptocurrencies and stocks.
While the recent surge in cryptocurrency stocks will surely come as a huge relief to those who have invested in them, it is worth noting that many of these companies still have a long way to go to get back to their all-time highs, as evidenced by a tweet on 10 January by financial advisor Genevieve Roch-Decter.
Stock of cryptocurrencies in the last year:
Traveler -99.7% Silver Door -90.8% Digital Marathon -83.1% Basic Coins -82.3% HIVE Blockchain -81.3% MicroStrategy -63.9%