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Which Crypto Stocks As Bitcoin Attempt To Cross $80,000 This Week
At time of this writing, we saw Bitcoin crossing $75,000 and Bitcoin hits an all-time high of $76,203 as Donald Trump's re-election boosts hopes for pro-crypto regulation.
There have been continued growth being anticipated by traders and investors, with experts predicting further gains for Bitcoin and the crypto market as regulatory conditions shift in favor.
But I would like to use data to tell us the story and trend and how Bitcoin could cross $80,000 this week. Which crypto stocks would benefit better than the others?
Promising Good Increase In Daily Exchange Volume (7DMA)
Bitcoin is projected to break the $80,000 mark this week, fueled by investor confidence following Trump’s re-election. The crypto market overall is experiencing a surge, with other digital assets, like Ethereum and Solana, also seeing gains. Industry experts predict sustained growth, with some forecasting that Bitcoin’s value could continue to reach new highs in the coming months and years.
Bitcoin broke the $75,000 mark with a rally that create a rapid 10% increase as initial election results indicated Trump’s likely return to the White House. It has stayed there since.
With the market bracing for potentially lighter regulation, confidence among crypto advocates has intensified.
There are some crypto stocks that would benefit : MicroStrategy, Coinbase Global, Marathon Digital Holdings and Riot Platforms.
BTC Total Exchange Volume Increasing (7DMA)
If we looked at the total exchange volume on 7DMA for BTC and ETH, it is increasing significantly for BTC, this should be good news for names like $Coinbase (COIN.US)$
This would mean there would be more money to be made for COIN as traders and investors trade BTC, this could also be good news for $Strategy (MSTR.US)$ as their BTC holdings would be traded well on better price.
If we looked at how MicroStrategy have been trading on the MTF, it has been performing very well with a nice gap up after the election, and we are seeing that they are benefitting from this election and Trump interest towards cryptos.
MACD is forming a potential bullish crossover and with a strong uptrend from MTF, I am seeing more upside from MSTR.
COIN have a good run with a big gap up after the election and this has make MACD formed a bullish crossover to move it higher and with a strong uptrend from MTF, we are also seeing strong sentiment from investors.
Spot BTC ETF Flows in BTC Outflow Last Week
This should not be any concerns with the outflow last week on the Spot BTC ETF flows, as we should be seeing crypto miners increasing their production with higher hopes of better price and also the demand for BTC.
There have been increase inflows in BTC on the Spot Bitcoin, so we should be seeing Spot BTC ETF buying more Bitcoins from the market, this mean it makes sense for miners like $MARA Holdings (MARA.US)$ and $Riot Platforms (RIOT.US)$ who have been increasing their mining capacity to sell more Bitcoins.
MARA reported higher BTC production as well.
MARA stock price is not showing much gap up after the election but it shows potential with the move above the short-term and long-term MA, after trading below last week.
We are seeing a potential bullish MACD crossover forming and I expect the MTF to improve and give us a strong uptrend.
I have a position in MARA and it has caused some of us to feel that why MARA is behaving this way when Bitcoin is moving up, yet MARA is not moving to $20, we need to understand that MARA need to relinquish what they have mined. I believe that MARA is one of the crypto miners that would continue to grow as Bitcoin demand continues for Spot Bitcoin ETF.
We are also seeing similar behavior on RIOT, as it has start to trade above the short-term and long-term MA, and MACD has formed a bullish crossover, and I expect MTF to give a strong upward trend as well soon.
If we looked at the total net flows in BTC from Spot Bitcoin ETF, it is improving towards the positive so this could mean that there is more buying now from these Spot Bitcoin ETF.
Summary
If we looked at how Bitcoin move to $75,000, there are some crypto stocks that are showing better performance than others. We should be seeing more inflows to Spot Bitcoin ETF, this should help them to acquire more Bitcoin, so that would benefit Bitcoin miners.
One of the area that would benefit from Trump policies would be crypto mining as Trump have showed the support for crypto.
So I would think we can looked at these crypto stocks for mid term gains.
Appreciate if you could share your thoughts in the comment section whether you think Bitcoin would continue to move higher and benefit these crypto stocks.
Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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francis kowalski : and MARA can't break 20?? WTF
Aaron Invests (AI) : $CleanSpark (CLSK.US)$ is another mining to keep an eye out. There was a weird suspension happened there lately.
nerdbull1669 OP Aaron Invests (AI) : let's wait for updates, this is another potential Bitcoin miner
nerdbull1669 OP francis kowalski : I think we need to give these crypto stocks time as inflows and outflows of funds into Bitcoin play a part.
102566976 Aaron Invests (AI) : if I'm not mistaken, CLSK was suspended by SEC for it's recent stock rise ("accumulation of over 100%") with "no apparent reason" and SEC is waiting for the company to respond, explaining the situation. the irony of penny stocks rising over 100% in a single day with no apparent reason but doesn't get suspended. Gensler sure hates the crypto industry doesn't he
so I tried to search for that article but failed to find it. I swear I did saw it. not sure what's going on, guess I'm hallucinating
102566976 102566976 : found it. not official source though. from what I've gathered, it's CLSK's warrant that came under SEC's scrutiny after rising more than 100%
some speculations of a potential undisclosed acquisition causing the warrant rise floating around
Newbielity 102566976 : No Change to Company's Business, Operations or Financial Statements. It is just a clerical warrant conversion error.
LAS VEGAS, Nov. 8, 2024 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK), America's Bitcoin Miner® (the "Company"), today addressed the trading halt imposed by Nasdaq following an issue relating to the calculation of the number of outstanding warrants (Nasdaq: CLSKW) (the "Warrants") and the number of shares underlying those Warrants. The trading halt is not the result of any issue associated with CleanSpark's business, operations, filings with the SEC, financial statements or securities.
102566976 Newbielity : thanks for the update
103995812 francis kowalski : Thats the biggest joke. Many hv given up long ago.