Cryptocurrency stocks are rising, with companies like Coinbase Global (NASDAQ:COIN) up 5.60% in pre-market trading. The surge came as Bitcoin, the world's largest cryptocurrency, surpassed the $72,000 level.
The bullish sentiment extends to the broader digital asset market as well, with $646 million inflows into investment products last week. Most of these inflows were in Bitcoin with $663 million, but other cryptocurrencies such as Litecoin, Solana, and Filecoin are also on the rise.
Bitcoin surpasses $72,000, crypto stocks rise
Cryptocurrency and blockchain stocks are experiencing significant pre-market movement today. Block, Inc. (NYSE: SQ) saw a slight increase of 0.21%, trading between $72.77 and $77.33, with volume of 8,897,862 shares.
Coinbase Global, Inc. rose 5.60%, trading within a range of $240.20 to $253.96 on volume of 8,438,580 shares. Marathon Digital Holdings (NASDAQ: MARA) rose 6.62% from $18.07 to $19.26 on volume of 31,600,114 shares. Riot Platforms (NASDAQ: RIOT) rose 5.69%, trading between $9.89 and $10.46 on volume of 17,417,378 shares.
MicroStrategy Incorporated (NASDAQ: MSTR) is known for holding a large amount of Bitcoin and witnessed the most pre-market activity among the companies mentioned.
The stock price increased by 11.54%, trading between $1,432.00 and $1,674.25 on volume of 2,273,995 shares. The company's market capitalization is an impressive $24.417 billion, with a 52-week range of $266.00 to $1,999.99.
Inflow into digital asset investment products returns
Digital asset investment products saw significant capital inflows last week, with expected inflows of $646 million, with Bitcoin taking the largest share at $663 million. The price of the leading cryptocurrency soared 4.5%, trading above $72,000 and at one point reaching $72,661.70.
Continued interest in Bitcoin shows enduring confidence among investors, further evidenced by short Bitcoin investment products experiencing total outflows of $9.5 million for 3 consecutive weeks has been done.
However, ETF investors' appetite for investment has subsided, with weekly flow levels not reaching the high levels seen in early March.
Do you think the Bitcoin halving could be a catalyst for mainstream cryptocurrencies and crypto stocks? Let us know in the comments section below.
Disclaimer: The author does not own or hold any securities discussed in the article.
About the author
Tim Freese is the co-founder of Tokenist. He has a bachelor's degree. He earned his bachelor's degree in mechanical engineering from the University of Michigan and his MBA from the University of Chicago Booth School of Business. Tim is a senior associate on the investment team in RW Baird's US private equity practice and co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
