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Cryptocurrency News Articles
Bitcoin Soars Past $70K, Boosting Related Stocks
Mar 26, 2024 at 04:01 am
Bitcoin (BTC-USD) surged past $70,000 on Monday, sparking a rally in bitcoin-related stocks such as Coinbase (COIN) and MicroStrategy (MSTR). Yahoo Finance experts Akiko Fujita and Josh Lipton discuss the market movement, noting that the rally follows a period of consolidation and that some analysts anticipate a further rise in Bitcoin's value due to an upcoming halving event.
Bitcoin Surges Above $70,000, Lifting Related Stocks
Bitcoin (BTC-USD) breached the $70,000 threshold on Monday, marking a significant milestone in its recent rally. The cryptocurrency's ascent also boosted the share prices of bitcoin-related companies such as Coinbase Global Inc. (COIN) and MicroStrategy Inc. (MSTR).
Expert Analysis
Yahoo Finance's Akiko Fujita and Josh Lipton provided expert insights on the market developments in a video commentary. They noted that the rally in bitcoin stocks followed a period of weakness last week, when investors withdrew funds from newly launched bitcoin exchange-traded funds (ETFs). However, market sentiment appears to have shifted, with investors shrugging off these concerns.
Upcoming Catalyst
Lipton pointed to the upcoming Bitcoin halving event in April, which is expected to reduce the issuance of new bitcoins and potentially act as a catalyst for further price appreciation.
Healthy Rally
Fujita emphasized that the current rally in bitcoin is perceived as healthier than the previous surge in November 2021, which was followed by a sharp correction. The market shakeout experienced after the November peak has instilled greater confidence in the long-term prospects of bitcoin, according to industry observers.
Technical Analysis
At the time of writing, bitcoin had surpassed $70,000, reaching a level not seen in over a week. Lipton noted that the cryptocurrency's rally had gained momentum, with calls for it to reach $100,000 becoming more frequent.
Conclusion
Bitcoin's latest surge above $70,000 reflects the continued optimism surrounding the cryptocurrency market. The rally has also benefited related stocks such as Coinbase and MicroStrategy. Experts believe that the upcoming halving event and a more cautious investor mindset could contribute to further price appreciation in the months ahead.
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