Crypto-Linked Stocks Coinbase And MicroStrategy Are Rising Wednesday: What's Going On?
Portfolio Pulse from Adam Eckert
Crypto-linked stocks Coinbase (NASDAQ:COIN) and MicroStrategy (NASDAQ:MSTR) are rising due to stronger Bitcoin prices following softer-than-expected CPI data for May. Bitcoin's price increase and former President Trump's pro-Bitcoin mining comments are contributing factors.
June 12, 2024 | 3:53 pm
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POSITIVE IMPACT
Coinbase shares are up 5.38% as Bitcoin prices rise following softer-than-expected CPI data and pro-Bitcoin mining comments from Trump. Increased volatility in Bitcoin often leads to more trading activity on Coinbase's platform.
Coinbase benefits directly from increased Bitcoin volatility, which often leads to higher trading volumes on its platform. The softer-than-expected CPI data and Trump's comments are driving Bitcoin prices up, positively impacting Coinbase's stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
MicroStrategy shares are up 6.85% as Bitcoin prices rise following softer-than-expected CPI data and pro-Bitcoin mining comments from Trump. MicroStrategy's focus on accumulating Bitcoin makes its stock sensitive to Bitcoin price movements.
MicroStrategy's stock is highly sensitive to Bitcoin price movements due to its significant Bitcoin holdings. The rise in Bitcoin prices following the CPI data and Trump's comments is driving up MicroStrategy's stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100