MicroStrategy, Coinbase Stock Dip as Bitcoin Price Momentum Cools - Decrypt
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MicroStrategy, Coinbase Stock Dip as Bitcoin Price Momentum Cools
Some crypto stocks are mirroring Bitcoin's latest losses since markets opened as the surprise September momentum fades. Crypto stocks across the board took a dive at Monday’s open after Bitcoin failed to maintain its early weekend mom
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Summary
- 📉 **Crypto Stocks Dip**: MicroStrategy and Coinbase stocks fell as Bitcoin's price momentum cooled, with Coinbase down 4% and MicroStrategy down 5% at market open.
- 📊 **Bitcoin Price Drop**: After peaking above $60,500, Bitcoin has dropped below $58,000, reflecting a nearly 4% decline in the last 24 hours.
- 📈 **Partial Recovery**: By mid-morning, Coinbase and Valkyrie Bitcoin Miners ETF showed slight recoveries, while MicroStrategy's stock remained down nearly 4%.
- 💹 **Year-to-Date Performance**: Coinbase has only risen 3.5% this year compared to Bitcoin's 31% increase, while MicroStrategy is up 91% since the early March crypto surge.
- 🔮 **Market Outlook**: The Federal Reserve is expected to announce an interest rate cut soon, which could impact both crypto and stock markets, with futures markets divided on the extent of the cut.
Top Highlights
- MicroStrategy, Coinbase Stock Dip as Bitcoin Price Momentum Cools Some crypto stocks are mirroring Bitcoin's latest losses since markets opened as the surprise September momentum fades.
- Crypto stocks across the board took a dive at Monday’s open after Bitcoin failed to maintain its early weekend momentum, but some are starting to rebound as the day goes on. At 9:45 am ET, Coinbase (COIN) fell 4% to $156.63. MicroStrategy (MSTR), the world’s largest corporate Bitcoin holder, dipped by 5% to about $133, while the Valkyrie Bitcoin M...
- By comparison, the S&P 500 traded flat, and the Nasdaq 100 traded 0.5% down at Monday’s open. Meanwhile, after surging above $60,500 on Saturday, Bitcoin has now fallen below the $58,000 mark as of this writing. It’s down nearly 4% over the last 24 hours. Coinbase has ticked back up to almost $162, down less than 1% on the day, while WGMI rose abo...
- Coinbase has underperformed Bitcoin year to date, rising just 3.5% as of Monday versus Bitcoin’s 31% rise. Similarly, despite its exceptional early-year performance, fading hype around CleanSpark (CLSK) over the past several months has driven WGMI into negative territory compared to January 1. By contrast, MSTR is up 91%, outpacing Bitcoin’s gains...
- In a Sunday report, Canaccord Genuity placed its price target for MSTR at $173, up 30% from today’s price. “Our price target is derived by assuming 20% one-year appreciation to BTC versus current spot, a 15% increase in value to the software business, and our assumption that the current sum-of-the-parts premium remains intact.”
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