Coinbase and MicroStrategy Stocks Climb More Than 6% Each as Bitcoin Breaks Above $59000

The Coinbase (COIN) stock traded around $192.30 while MicroStrategy's MSTR hovered near $134. 23.

Coinbase (NASDAQ:COIN) and MicroStrategy (NYSE:MSTR) stocks both rose by more than 6% each on Monday, 8th August (as of 2 pm ET), tracking the gains in the price of Bitcoin, which surged past the $59,000 level.

Coinbase (COIN) stock price moved around $192.30 while MicroStrategy’s MSTR hovered near $134.23.

Bitcoin’s recent surge saw it extend its positive momentum after reclaiming support above $50,000. According to data on CoinGecko, the flagship cryptocurrency noted a 7% gain in the past 24 hours. Notably, its losses over the past week had reduced to roughly 5%.

In other news, crypto analyst Ali Martinez highlighted that long-term holders were actively buying the recent dip.

We got liquidated trading #Bitcoin futures during the recent dip to $49,000, but meanwhile long-term $BTC holders were buying. They added over 184,500 #BTC to their portfolios, worth around $10 billion! pic.twitter.com/zTL04qy8qQ

— Ali (@ali_charts) August 8, 2024

Short term outlook

This positive movement for BTC occurred as XRP led the crypto market higher following the latest court ruling in the Ripple vs. SEC case. XRP price surged to above $0.63, extending gains for Stellar (XLM) and other altcoins. At the same time, Ethereum also breached the $2,600 mark.

Nevertheless, XRP is poised at a key resistance zone and Ethereum may still have to battle bearish pressure from potential selling.

“There is a potential cap on the topside in the near term with Jump Trading continuing its ETH liquidations (21,394 $wstETH ~$63.6M left) and Plus Token Ponzi 2 ETH wallets moving a total of 25,757 ETH ($63.1M) in the last 30 hours,” analysts at QCP Capital noted.

The broader market also remained largely cautious amid concerns over the global macro environment and geopolitical tensions in the Middle East, which could see crypto prices pivot lower in the coming month.

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