Coinbase, MicroStrategy and Other Crypto Stocks Finally See Some Relief After Recent Losses – Yahoo Finance
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Cryptocurrency-exposed equities were rallying strongly Friday after a rough downturn this week caused by falling crypto prices, weak earnings and stablecoin fears.
Coinbase Global (COIN) jumped almost 18%, MicroStrategy (MSTR) gained over 21% and Toronto-listed Galaxy Digital Holdings (GLXY) rose about 14%. Additional gainers included crypto-focused bank Silvergate Capital (SI), up 23%, and crypto broker Voyager Digital (VYGVF), up 24%.
Bitcoin mining stocks were also up significantly on Friday, led by CleanSpark (CLSK) and Hut 8 (HUT).
Gains in bitcoin (BTC), which was up 4% over the last 24 hours, and ether (ETH), up 5%, along with a broader tech stock rally were helping the cause as investors have recently fled high-growth tech stocks and riskier crypto assets. The tech-heavy Nasdaq composite index was rising over 3% Friday.
Coinbase got a much-needed boost after posting weaker-than-expected earnings on Tuesday that caused its stock to fall as much as 34% this week. Oppenheimer defended the company’s 10-Q risk disclosure that led to investor concerns in a note on Thursday, saying the filing and tweet from CEO Brian Armstrong are “grossly misunderstood and being taken out of context.” Analyst Owen Lau maintained an outperform rating and price target of $197.
Shares of MicroStrategy, which holds billions of dollars worth of bitcoin on its balance sheet, were down as much as 45% at one point this week. Despite bitcoin’s latest declines, CEO Michael Saylor tweeted on Tuesday that the company’s bitcoin-backed loans were not a cause for concern.
The collapse of algorithmic stablecoin terraUSD (UST) along with the LUNA ecosystem also sent broader crypto prices lower this week.
“The extent of the damage caused from the depegging of recent stablecoins, and collapse of LUNA is unknown and will likely continue to play out in the weeks to come, but we expect that recent events in the crypto market to be catalysts for regulation, particularly around stablecoins, which we think would be welcomed by investors,” Chris Allen, an equity research analyst at Compass Point, told clients in a note Friday.
Elsewhere, Robinhood (HOOD), which has a significant crypto trading business, rose over 26% on Friday after it was learned that FTX CEO Sam Bankman-Fried had taken a 7.6% stake in the online brokerage.
Read more: Investor Concerns About Galaxy Digital's LUNA Exposure Are Overblown, BTIG Says
Yahoo Finance’s Alexandra Semenova joins the Live Show to discuss Cathie Wood’s Ark Invest buying $3 million worth of Coinbase shares.
(Bloomberg) — One thing to realize about a stock selloff: You won’t know it’s over until long after it ends. But that doesn’t keep people from trying to pick a bottom. Valuation, sentiment and history each form a basis for study.Most Read from BloombergSony PlayStation Staff Fume Over CEO’s Abortion CommentsCrypto Billionaires’ Vast Fortunes Are Destroyed in WeeksMore Than $200 Billion Wiped Off Cryptocurrency Market in a DayNike Escalates StockX Feud, Says Site Is Selling Fake ShoesStocks End
The investment in Robinhood by FTX founder Sam Bankman-Fried may be a bullish signal for crypto believers, but Robinhood still faces a long road ahead.
Big cryptos see gains of 10%–20%.
Let's look at two stocks that boast significant upside potential, going by average price targets set by analysts on the street: Moderna (NASDAQ: MRNA) and CRISPR Therapeutics (NASDAQ: CRSP). Biotech giant Moderna fell along with the broader market in recent months. Moderna currently generates revenue from just one product: its coronavirus vaccine.
Bitcoin mining stocks bounced today as the price of Bitcoin rebounded to around the $30,000 level after what has been an extraordinarily difficult week for the sector. As of 3:25 p.m. ET, shares of CleanSpark (NASDAQ: CLSK) traded nearly 24% higher, Riot Blockchain (NASDAQ: RIOT) gained nearly 10%, and Hut 8 Mining (NASDAQ: HUT) was up roughly 14%. Bitcoin finally stopped its downward plunge today after what has been a difficult week in which the world's largest cryptocurrency briefly fell below $26,000.
On a bright, promising day for the stock market, with the Dow up 1.5% and the S&P 500 closing 2.4% higher, Ford Motor Company (NYSE: F) stock raced higher than most, advancing an amazing 8.5% through the closing bell. You can thank Morgan Stanley for that. Investors were ebullient in general today, and no doubt that optimism — after more than a week of nearly nonstop selling — helped to jump-start Ford stock moving higher.
In my April 28th Real Money column, I wrote a heartfelt letter to Elon Musk imploring him to walk away from Twitter . Musk followed that with a tweet two hours later stating that he "was still committed to the transaction." The threads of Elon's Twitter bid have been laid bare for the past two weeks.
Feel poorer after the S&P 500's sell-off? Just know it could be worse. Much worse. Investors who piled in some $40 billion firms found out.
Tesla (TSLA) CEO Elon Musk’s early Friday morning tweet proclaiming his $44 billion bid to buy Twitter (TWTR) is on hold may violate laws meant to protect public markets from manipulation, experts say.
(Bloomberg) — An investment firm for the Walton family ramped up its position in a U.S. municipal bond fund and added a sizable stake in Japanese equities, while also betting on small-cap stocks and Coinbase Global Inc. before tumultuous declines. Most Read from BloombergElon Musk Sows Doubt Over His $44 Billion Twitter TakeoverSony PlayStation Staff Fume Over CEO’s Abortion CommentsApple Testing iPhones That Ditch Lightning Ports in Favor of USB-CUkraine Latest: US Senator Delays Aid Vote; Rus
In this article, we will discuss the 12 best energy stocks for 2022. If you want to skip our detailed analysis of the energy sector which highlights key trends and major players, you can go directly to 5 Best Energy Stocks for 2022. The energy sector has been the biggest contributor to skyrocketing inflation in […]
Micron could be the cheapest tech stock in the market, based on its price/earnings ratio. Western Digital isn’t far behind.
Elon Musk tweeted on Friday that his $44-billion cash deal for Twitter Inc was "temporarily on hold" while he waits for the social media company to provide data on the proportion of its fake accounts. Twitter shares initially fell more than 20% in premarket trading, but after Musk, the chief executive of electric car market Tesla Inc, sent a second tweet saying he remained committed to the deal, they regained some ground. Musk, the world's richest person, decided to waive due diligence when he agreed to buy Twitter on April 25, in an effort to get the San Francisco-based company to accept his "best and final offer."
Billionaire George Soros’s investment fund has doubled down on its bet on Rivian Automotive Inc. and taken new positions on EV makers Nio Inc. and Lucid Motors Inc., according to a filing late Friday. The fund sold off its positions on Fisker Inc. and on General Motors Co.
A cryptocurrency crash has already wiped out $600 billion in digital asset market value over the past week. With the declines in crypto outpacing those in stocks, Bitcoin may actually be a bellwether for capitulation among investors—that point when the market can really find a bottom, according to analyst Barry Bannister at Stifel. “We monitor several factors which we believe will mark the capitulatory low for stocks,” Bannister said in a Wednesday note.
Our call of the day from Thomas Kee Jr. is pounding the table over the importance of volatility, but says investors need to not just fear the lows, but embrace the highs.
A rally attempt is underway. Get ready, get set, but don't go just yet. Chevron, Broadcom, Tesla and Twitter are among stocks to watch.
The Dow Jones rallied as stocks fought back. Twitter plunged on a move by Tesla CEO Elon Musk. A Warren Buffett stock offered a buy point.
Canadian cannabis company Aurora Cannabis (NASDAQ: ACB) reported its fiscal third-quarter 2022 earnings last night, and in so doing, sparked a rally across the cannabis sector today. As of 1 p.m. ET, shares of Aurora Cannabis itself are already up 13%, and peer producers Canopy Growth (NASDAQ: CGC) and Sundial Growers (NASDAQ: SNDL) are benefiting as well — up 8.5% and 5.9%, respectively. Heading into Q3, analysts had forecast that Aurora Cannabis would lose $0.19 per share (0.25 Canadian dollars, and furthermore, this was a pro forma prediction) on sales of $41.5 million — about CA$53.7 million.