Cointime

Cointime

Download App
iOS & Android

'Fire in the cauldron’ as Coinbase, Marathon surge over 300% in 2023

Publicly traded crypto firms have notched triple-digit percentage returns this year and closed up in green on Dec. 4, as Bitcoin  reached a new year-high of over $42,000. 

Crypto exchange Coinbase (COIN) closed the day at just over $141 with a 5.5% gain, up 320% from its price at the start of the year, per Google Finance data.

Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) closed the day with over 8% gains, recording 337% and 345% year-to-date (YTD) gains, respectively.

A visual map of the one-day price of S&P 500 stocks shows mixed results on Dec. 4 Source: Finviz

Crypto investment firm Galaxy Digital Holdings (GLXY) posted a daily gain of nearly 12% and is up 155% YTD and MicroStrategy (MSTR) — with the largest Bitcoin holdings of any public company valued at over $6.6 billion — saw a daily gain of over 6.5% and a YTD rise of 288%.

It comes despite the wider North American stock market seeing a mixed bag of gainers and losers on Dec. 4. Large-cap tech stocks, such as Microsoft, fell 1.43% on the day, while Apple fell 0.95%. Google fell 2.02% and chip manufacturer Nvidia fell 2.68%.

Large-cap tech stocks, such as Microsoft, fell 1.43% on Dec. 4, while Apple fell 0.95%. Google fell 2.02%, and chip manufacturer Nvidia fell 2.68%.

The crypto-related stocks are well below their all-time highs, however.

IG Australia market analyst Tony Sycamore told Cointelegraph the crypto-related stock rally is “coming off the back of Bitcoin’s spectacular gains in recent months,” which is up nearly 152% YTD and is closing in on $42,000 — it has already hit a 19-month high.

Sycamore said investors see crypto stocks as a way to gain crypto exposure until the United States approves spot Bitcoin exchange-traded funds (ETFs).

“As the price of Bitcoin rises, it fuels excitement and drives increased trading volumes and participation across the crypto ecosystem,” he added.

A chart showing the price correlation between Bitcoin (red) and Coinbase (blue) since June 2022. Source: IG

Sycamore said Bitcoin is supported “by a set of tailwinds not seen since 2021” and highlighted the optimism around spot ETF approvals, possible U.S. Federal Reserve rate cuts next year and the upcoming Bitcoin halving slated for April.

Crypto platform Zerocap investment chief Jon de Wet said possible ETF approvals and the halving means “we have some serious fire in the cauldron for the crypto space.”

CMC Markets analyst Tina Teng and de Wet agreed that crypto stocks are “exchange-listed proxies” for investors to indirectly expose themselves to the market. Teng said pending spot ETFs have been a “micro-bullish factor” to Bitcoin’s rally since August.

“The ETF is certainly a key driver in sentiment,” said de Wet. “We are also seeing a maturing cryptocurrency market in which participants are increasingly seeing the value in scarce assets.”

Sycamore added the latest wave of excitement will attract a new wave of crypto investors and the increased interest, volatility and volume will mean increased earnings and profits for crypto exchanges and similar businesses.

Coinbase
Comments

All Comments

Recommended for you

  • U.S. consumer confidence improves again in November, reaching a two-year high

    Dana M. Peterson, Chief Economist of the World Large Enterprises Federation, said, "US consumer confidence continued to improve in November, reaching the highest level in the past two years. The growth in November was mainly due to consumers' more positive assessment of the current situation, especially in the labor market. Compared with October, consumers' optimism about future employment opportunities has also greatly increased, reaching the highest level in nearly three years. At the same time, consumers' expectations for future business conditions have not changed, while their optimism about future income has slightly declined." Earlier, the US Conference Board Consumer Confidence Index for November recorded 111.7, a new high since July 2023.

  • Starknet: Phase 1 of STRK staking is now live on the mainnet

    Starknet announced that the first stage of STRK staking has officially launched on the mainnet.

  • CZ: Not trying to end the meme craze, just encouraging more builders

    CZ posted on X platform today, saying: "I am not against Meme coins, but Meme coins have become 'a little' strange now. Let's use blockchain technology to build practical applications." Some community users said that even Musk is a supporter of Meme coins, and it is very difficult to end this frenzy. CZ responded that "there is no attempt to end anything, everyone has the right to choose to invest or hold what they want. Just encourage more builders."

  • Talus Network Completes $6 Million Strategic Round of Financing with a Valuation of $150 Million

    decentralized AI protocol Talus Network raised $6 million in a strategic financing round led by Polychain Capital, valuing the company at $150 million. This funding will help further develop the Talus ecosystem, including the Protochain, Nexus framework, and "AI dating experience" application.

  • AXIOS: Trump is considering appointing a secretary of state for artificial intelligence

    according to AXIOS, Trump is considering appointing an AI minister to coordinate federal policies and government use of emerging technologies.

  • Coinbase International has launched COW perpetual contracts

     Coinbase International has launched COW perpetual contracts. COW-PERP market limit, market, stop loss, and stop loss limit orders are now all available.

  • Schuman Financial Completes $7.36 Million Seed Round, Led by RockawayX

    Schuman Financial has completed a $7.36 million seed round of financing, led by RockawayX, with participation from Lightspeed Faction, Kraken Ventures, Nexo Ventures, Gnosis VC, Delta Blockchain Fund and Bankless Ventures. In addition, Schuman Financial has launched a euro stablecoin, EURØP, which complies with the MiCA standard.

  • QCP: BTC's path to $100,000 has stalled, and ETH implied volatility has turned to put options

    QCP Capital has published an analysis indicating that the recent drop in the price of Bitcoin has resulted in long liquidations exceeding $430 million. This drop coincides with the end of five consecutive days of net inflows for spot ETFs, which recorded a outflow of $438 million on Monday, while MicroStrategy fell by 4.4%. With the US holiday approaching and no immediate catalyst to push prices higher, BTC's path towards $100,000 has stalled. In addition, the implied volatility of ETH has turned to bearish options rather than bullish options, and market concerns about downside risks may intensify, especially with the release of the FOMC meeting minutes and PCE data. However, in the long run, this market decline is not an excessive correction. Bitcoin has only retreated to last week's level. Since Trump's election, the market has become extremely overbought and leveraged, so a pause is inevitable.

  • Cointime精选 ·

    Coinbase Takes Aim at CFTC's Definition of 'Gaming' in Proposed Prediction Market Rules

    Coinbase argues the definition is vague, and urges the CFTC to make determinations on a contract-by-contract basis rather than broad categorization

    Coinbase Takes Aim at CFTC's Definition of 'Gaming' in Proposed Prediction Market Rules

  • Coinbase Chief Legal Officer: US SEC blocks Coinbase’s request to disclose Gary Gensler’s communication documents

    Paul Grewal.eth, the Chief Legal Officer of Coinbase, wrote on the X platform that the issues of Chevron and Binance's secondary sales have been clarified, but in Coinbase's lawsuit, the U.S. Securities and Exchange Commission (SEC) has prevented Coinbase from requesting the disclosure of Gary Gensler's communication documents. In March 2021, Gary Gensler told the U.S. Congress that the SEC lacked regulatory authority over digital asset exchanges, confirming the long-held belief among market participants that digital asset trading on these exchanges is not within the jurisdiction of securities law. Coinbase has requested that Gary Gensler provide documents related to these communications because they are related to how the SEC's enforcement actions violate the due process requirements of the Constitution, but the SEC and Gary Gensler are trying to prevent the disclosure of these documents.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company