- Coinbase and MicroStrategy stocks rose 6% and 7%, respectively, as Bitcoin soared above $59,000.
- Analysts say the cryptocurrency market could see volatility amid potential bearish catalysts.
Shares of Coinbase and MicroStrategy were both up more than 6% on Aug. 8 (as of 2 p.m. ET), rising as Bitcoin prices topped $59,000.
Coinbase (COIN) stock is trading around $192.30, while MicroStrategy’s MSTR is hovering near $134. twenty three.
read more: Michael Saylor’s bet on Bitcoin paid off, with his BTC holdings now worth $1 billion
Bitcoin’s surge continues its recent momentum since reclaiming support at $50,000. According to data from CoinGecko, the flagship cryptocurrency has gained 7% in the past 24 hours. Losses have shrunk to around 5% over the past week.
Among them, cryptocurrency analyst Ali Martinez said that long-term holders were actively buying during the recent decline.
When we conduct a clearing transaction #bitcoin Futures recently fell to $49,000, and long-term Bitcoin USD Holders are buying. They added more than 184,500 #BTC Their investment portfolio is worth approximately $10 billion! pic.twitter.com/zTL04qy8qQ
— Ali (@ali_charts) August 8, 2024
Short-Term Outlook
This positive move in BTC comes as XRP leads the cryptocurrency market higher following the latest court ruling in the Ripple v. SEC case. XRP traded above $0.63, helping Stellar (XLM) and other altcoins move higher. Ethereum also crossed the $2,600 mark.
However, XRP is sitting in a key resistance zone, while Ethereum may also have to contend with bearish pressure from a potential sell-off.
Market Volatility
In the short term, there are indications of market volatility as Jump Trading continues its ETH liquidation and the Plus Token Ponzi 2 ETH wallet has transferred a significant amount of Ethereum. This could impact the price movement in the near future.
Global Considerations
Broader markets remained cautious due to concerns over the global macro environment and geopolitical tensions. These factors could contribute to a potential pullback in the cryptocurrency market in the coming month.
