Coinspeaker
Bitcoin Inches Upwards, Pulls Crypto Stocks Higher
Crypto-related stocks jumped higher on Monday due mainly to the modest Bitcoin (BTC) rally that took the leading token above $17,200. BTC has wallowed in the mid-$16K range since early December and is now up 5% in 2023. Consequently, the shares of companies like Coinbase (NASDAQ: COIN) and Marathon Digital (NASDAQ: MARA) also spiked on the Bitcoin development.
For instance, COIN rose by around 15% yesterday despite sustaining numerous downgrades and price target cuts to begin the year. In addition, the leading American crypto exchange is currently up 25% from the record low hit earlier in 2023. At the time, analysts feared that the contagion wrought by FTX’s collapse late last year would hamper Coinbase’s performance deep into the new year. On January 5th, reports stated that investment firm Cowen downgraded COIN to “market perform” from “outperform” and slashed its price target from $75 to $36. Also, during
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