Crypto stock market saw a much-needed rebound on Wednesday, triggering a buying in Bitcoin (BTC) and Ethereum (ETH). However, the rebound may not sustain amid several headwinds.
Circle (CRCL), Strategy (MSTR), Coinbase (COIN), Bitmine Immersion (BMNR), and SharpLink Gaming (SBET) were among the top crypto stocks witnessing a rise in prices after the latest correction.
Leading crypto stocks such as Michael Saylor’s Strategy (MSTR), Coinbase (COIN), and Circle Internet Group (CRCL) saw their stock rise in pre-market trading hours.
At the time of writing, MSTR stock traded near the flatline at $344.37. The stock dropped nearly 8% to $336.57 on Tuesday in response to market-wide profit booking, before reversing track on Wednesday, and continued its gains today.
As per Google Finance, Michael Saylor’s Strategy has tumbled more than 20% in a month, despite the higher price target from analysts.
Recently, Mizuho Securities raised the price target on MSTR stock to $586 from $563. The average price target for MSTR stock is $561, with Mark Palmer from Benchmark reiterating the buy rating and raising the price target from $650 to $705.
Whereas, Circle stock jumped 1.91% to $137.81 amid buy-the-dip sentiment among investors. CRCL saw a 4.49% drop to $135.29 on Tuesday.
Circle price has crashed nearly 40% as investors continued profit booking post the spectacular debut of its IPO in June.
Coinbase (COIN) stock increased 0.77% to $304.39. The stock closed 5% lower at $302 on Tuesday as the crypto market crashed.
According to Yahoo Finance, COIN stock has tanked 7% in a week and tumbled 28% in a month. The seasonality has impacted the stock performance.
Matrixport reported that its crypto stocks index outperformed Bitcoin over the past 18 months. However, the latest crypto market crash is turning the index lower.
Institutional interest appeared muted due to the historically seasonally weaker summers. Matrixport predicted a crypto stocks to consolidate further in the near-term.
Crypto Stocks Index vs Bitcoin | Source: Matrixport
Ethereum treasury stocks such as Bitmine Immersion, SharpLink Gaming, and Ether Machine saw a significant rebound.
Bitmine Immersion (BMNR) saw a 4.58% rebound in the pre-market hours. However, the stock quickly fell 1.21% after the market opened, with the price currently trading near $52.06.
SharpLink Gaming stock saw volatility, with the price up 5.93% at the time of writing. The SBET stock price was trading at $19.47.
The stock has crashed more than 27% in a month amid the recent volatility and uncertainty in the markets.
BTCS stock climbed 4.36% to $4.42. As per Yahoo Finance, the stock has jumped 6% in a week but was down nearly 28% in a month at the time of writing.
BTC price saw a slight jump, but is still down nearly 0.15% in the past 24 hours. The price was trading at $113,770, with a 24-hour low and high of $112,387 and $114,802, respectively.
The trading volume was down by 6.95% in the last 24 hours, indicating a rise in interest among traders.
Meanwhile, ETH price climbed 2.99%, with the price changing hands at $4,281. The 24-hour low and high were $4,109 and $4,376, respectively. Trading volume was down 11.7% to $43 billion.
The post Crypto Stocks Circle, MSTR, COIN, Rebound, BTC & ETH To Follow? appeared first on The Coin Republic.
By The Coin Republic
about 5 hours ago
