The week is off to a good start for cryptocurrency-related stocks like Coinbase, MicroStrategy, and Tesla, as Bitcoin’s price reached $72,000 with the highly-anticipated Bitcoin “halving” event on the horizon.
The flagship cryptocurrency, which has experienced a rollercoaster ride of price corrections and continuous outflows of funds from spot Bitcoin ETFs, seems ready to take a leap. It is just 2.7% away from its record high of $73,737, which it hit in March.
Meanwhile, the crypto community is excited about Bitcoin halving, which is right around the corner. The event will divide the reward for Bitcoin miners in half, a method for controlling Bitcoin production and inflation.
Coinbase wins a legal battle
The publicly traded crypto exchange Coinbase recently won a legal case regarding secondary crypto sales. The U.S. Court of Appeals for the Second Circuit ruled in favor of Coinbase, saying that secondary sales of cryptocurrencies on Coinbase do not violate the Securities Exchange Act. It’s is a major win not only for Coinbase but for the entire crypto industry, which has long faced regulatory issues.
Coinbase stock was up 5.3% in Monday morning trading to $253 per share.
MicroStrategy soaring on Bitcoin halving
Bitcoin advocate MicroStrategy was experiencing high demand from investors on Monday morning after Benchmark analyst Mark Palmer upgraded his price target from $990 per share to $1,875. The software company, which holds 174,530 Bitcoin worth $4.6 billion, is ready to capitalize after the Bitcoin halving.
MicroStrategy stock was up 9.5% in Monday morning trading to $1,575 per share.
Tesla is riding on robotaxis
It’s been a rough start to 2024 for Tesla, as Elon Musk’s EV maker struggles with sales and more. Tesla stock is still down more than 31% so far this year, but it was recovering some ground on Monday.
Shares in the electric vehicle manufacturer, which holds 10,500 bitcoins worth $336 million, were up 4.5% in Monday morning trading to $172 per share.
Musk late last week teased an unveiling of a Tesla robotaxi in August.