MSTR, MARA, COIN Benefit As Bitcoin Consolidate and Bullish Sentiment Builds
Bitcoin went above $37,000 yesterday (09 Nov) before retreating now back to above $36,000. Bullish sentiment is building in the crypto market as bitcoin trades in the $34,000 to $36,000 region.
Bitcoin has remained in the $34,000 to $36,000 range over the last two weeks, seeing the largest cryptocurrency's market dominance fall from 53.1% to 51.5%.
If we look at how Bitcoin price changes month-over-month, we could be seeing another $37,000 level break.
More upside coming as we see growing optimism that the launch of an ETF tracking the cryptocurrency is imminent.
BTC Spot ETF filings remain the focus by investors, as we awaits the impending final decision on the 21Shares filing by the SEC and other mirrored filings, which can be expected in just a couple of months,
Another factor which help to boost the recent rally in Bitcoin and crypto-linked assets is maybe due to the Fed might have reached the peak in interest rates, refraining from further reducing market liquidity compared to current levels.
In this article I will be showing why we are seeing $Marathon Digital Holdings Inc(MARA)$ $Coinbase Global, Inc.(COIN)$ $MicroStrategy(MSTR)$ continue the rise even after Bitcoin retreat from above $37,000 to above $36,000.
I will be sharing the correlation of these crypto stocks against Bitcoin.
Marathon Digital Holdings (MARA) Correlation
If we look at the correlation for MARA, it is declining in recent periods, but because of significant improvement of the reported quarterly earnings of 35 cents per share, from a loss of 62 cents per share in the prior year's quarter.
Coinbase Global (COIN) Correlation
As we can see that COIN correlation against Bitcoin is improving, this could mean that we will see more upside move in COIN when Bitcoin create another highs.
Bitcoin should be going close to $40,000 if Bitcoin Spot ETF approval is here.
MicroStrategy (MSTR) Correlation
MSTR has a very good correlation against the Bitcoin as we can see it is near 0.8, and it is still showing sign of moving higher.
This is something we need to be aware as a rejection from SEC approval would cause a short-term negative impact.
Summary
If we look at these 3 crypto stocks, we can discover that the one that has more sensitive move to Bitcoin is MicroStrategy, followed by Coinbase then Marathon Digital.
If we look at the roles of these crypto stocks, MicroStrategy and Coinbase business is not focused on mining Bitcoin, so it is more on offering investments in digital assets from traditional finance.
The SEC approval might have more impact for these 2 crypto stocks. Whereas Bitcoin price movement might have some effect on Marathon as they mine Bitcoin for profits.
Appreciate if you could share your thoughts in the comment section which crypto stocks would benefit more if SEC approval for BTC Spot ETF filings is approved.
@TigerStars @Daily_Discussion @TigerWire appreciate if you could feature this article so that fellow tiger would benefit from my investing and trading thoughts.
Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.
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What a great day for MARA and Bitcoin, with continual upside for Bitcoin in the coming weeks and months, it won't take long when MARA is at new highs and eventually having made many here wealthy. I suspect tomorrow could be another UP day, before month is over MARA will break above $10.50 and on its way to greener pasture.
bitcoin goes to $40,000 soon?
Coinbase new terms and conditions enables them to seize your coins which is ultimately why the sec sued them. They have the ability to track when you send offline to cold storage and still claim to hold and custody the private keys associated with your cold storage….. This is terrible practice and going to be very damaging to a lot of people in the long run. Full control for elitists to confiscate your digital assets and hard earned money when the debt tag comes due.
well most people here to gain money so whatsoever short or not, gains are gains at the end of the day we here to make money
Binance's collapse is imminent, and the regulators are gonna give the axe to coinbase next. Crypto has always been a scam.
If and when BTC goes to $100k, COIN will be $1000 and MSTR $2500. I like it.
By end of next week, COIN will be $150-155
COIN is headed to at least 137 in near term, like two weeks. So, buy Monday morning and thank me later.
No resistance ’til $150
1 billion in outflows from Binance. Where you gonna go? Coinbase. That’s where.