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Home»ADOPTION NEWS»Coinbase and MicroStrategy stocks surged as Bitcoin surpassed $72,000.
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Coinbase and MicroStrategy stocks surged as Bitcoin surpassed $72,000.

By Crypto FlexsApril 8, 20243 Mins Read
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Coinbase and MicroStrategy stocks surged as Bitcoin surpassed ,000.
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Cryptocurrency-related companies started the week on a positive note after Bitcoin surpassed $72,000 for the first time since mid-March.

Shares of Nasdaq-listed Coinbase and MicroStrategy rose 8% and 12%, respectively, in early morning trading in New York. Over the past 24 hours, as of 10 a.m. ET, Coinbase shares were up more than $260, while MicroStrategy shares were up more than $1,600, according to TradingView data.

Coinbase Target Price Increased

Last week, New York-based financial firm Oppenheimer raised its stock price target for Coinbase to $276 from its previous target of $200 while maintaining a buy rating. The price target, which Oppenheimer raised to $276, is about 6% higher than Coinbase’s opening price on Monday.

“COIN’s trading volume in the first quarter of 2024 is expected to reach $300 billion, up 95% quarter-on-quarter and 107% year-on-year.” Oppenheimer analyst Owen Lau said in his note:

Optimistic Forecast for MicroStrategy

As reported in MarketWatch, benchmark analyst Mark Palmer raised his price target on MicroStrategy stock from $990 to $1,875 and reiterated a buy recommendation in an investor note on Monday. The new target implies an upside of about 17% from today’s opening price.

MicroStrategy’s Bitcoin holdings currently stand at 214,250 as of the company’s March filing, according to The Block’s data dashboard.

In March, MicroStrategy acquired an additional 9,245 bitcoins for $623 million in cash. With this purchase, the company now holds over 1% of the total Bitcoin supply.

Supply of long-term Bitcoin holders declines

However, a Bitfinex Alpha report this week suggests that a decline in the supply of digital assets held by long-term holders could lead to selling pressure on Bitcoin.

“After reaching the peak of 14.91 million Bitcoins held by long-term holders in December 2023, the current supply
Bitcoin in the long-term holder cohort is down by about 900,000. especially,
The Grayscale Bitcoin Trust ETF (GBTC) accounts for about a third of this decline, standing at about 286,000 units. BTC

+3.55%
“said Bitfinex analysts.

According to Monday’s report, supply to short-term holders increased by 1.121 million bitcoins. “This rise not only offset circulation pressure from long-term holders, but also means approximately 121,000 additional Bitcoins have been acquired from secondary markets, including exchanges,” the analysts said.

For reference, according to The Block’s data page, since the Spot Bitcoin ETF began trading on January 11, the amount of Bitcoin held by the ETF has increased from 621,390 to 836,120.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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