Bullet points:
• Crypto-related stocks, ETFs and tokens have all surged in price so far in 2023.
• Coinbase’s share price has surged by 69% since its all-time lows, and other crypto-related stocks including MicroStrategy have recorded similar jumps.
• Crypto mining stocks such as Bitfarms and Marathon Digital Holdings have recorded surges of 140% and 120%, respectively, throughout the first two weeks of the year.

Crypto-related stocks, ETFs and tokens have all been surging in price since the beginning of the year despite experts expecting the Federal Reserve to continue hiking interest rates. In particular, the share price of cryptocurrency exchange Coinbase has skyrocketed by 69% since its all-time lows, while business intelligence firm MicroStrategy has seen its share price increase by an impressive 74%.

On Jan. 6, Coinbase’s share price fell as low as $31.95 before shooting up to $54.14 by the close of trading on Jan. 17. This surge was likely accompanied by a huge sigh of relief for Coinbase executives after a challenging 2022, which saw the company cut 20% of its workforce and wind down its Japanese operations. Despite the surge, COIN remains more than 84% below its all-time high.

Other crypto-related stocks such as digital payments company Block Inc. have also posted strong gains in the new year. The share price of Block has increased by 27%, after rebounding from a low of under $59 on Dec. 28 to over $75.

Meanwhile, crypto mining stocks have seen even more dramatic rebounds. Bitfarms and Marathon Digital Holdings recorded surges of 140% and 120%, respectively, throughout the first two weeks of the year. Crypto exchange-traded funds (ETFs) have also seen a rebound, with the ARK Innovation ETF up 16% since the end of December.

Overall, the surge in crypto-related stocks and tokens suggests that investors are bullish on the industry and are confident in its future prospects. With more institutional investors entering the fray and the US government seemingly open to embracing cryptocurrency, the sector is likely to continue to thrive in the coming months.

By admin