Coinbase climbs all-sessions as Bitcoin hits 21-month highs
The New Year has started well for Bitcoin after a great end to 2023. It has hit a new 21-month high indicating a stronger start to crypto stocks on Wall Street.
(Video Transcript)
Crypto trade looks very promising
The crypto world has started with a bang in 2024, with Bitcoin hitting 21-month highs. The way to trade this is through some of the companies that are indicated higher on the IG platform ahead of the start of today's trade, like Coinbase, all-session, where we're seeing gains.
Let's take a look, first of all, though, at Bitcoin, because it is the motor behind some of the interest in these markets. I've shown a long-term chart here going back to the early 2020s, with this record high at 68,971 that we saw on 9 November 2023.
Now, this rally that we've seen from the lows that we had back on 21 November has attracted an increase of 196.5%. And you can quite clearly see here on the far right-hand side of the chart today's trade up for Bitcoin at this new 21-month high.
Now, the way to trade this is through some of these stocks that react to what's happening. Now, I want to show you Coinbase, first of all. This is an all-session stock on the IG platform, indicating a stronger start to the trading day for this stock.
Hopes run high for Bitcoin ETF
We've seen a big rally in the stock following on from in the coattails of what's happening with Bitcoin. Bitcoin's up on hopes that the BlackRock exchange-trade fund (ETF) will be sanctioned by the US Securities and Exchange Commission (SEC) at some point early this year. And this could well see further lift-off in some of these stocks.
Coinbase in today's session indicating a stronger start by a margin at the moment of 2.5%. But we're off the highs on the sessions so far today.
Some other stocks worth watching, which aren't all-sessions, indicated potentially higher. We've got Riot Blockchain here after big declines, relatively speaking, at the back end of last year. That could well be a stock to watch on the upside.
Marathon Digital Holdings, another blockchain company, has done brisk business on the upside up until the last couple of days of 2023, indicating potentially as well like a slightly stronger start as well. And CleanSpark, another stock down on Friday, but indicating a stronger start to 2024. All on hopes for this Bitcoin ETF.
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