2 years ago
Michael Bellusci is CoinDesk's crypto payments reporter.
Cryptocurrency-exposed equities were rallying powerfully Friday aft a unsmooth downturn this week caused by falling crypto prices, weak earnings and stablecoin fears.
Coinbase Global (COIN) jumped astir 18%, MicroStrategy (MSTR) gained implicit 21% and Toronto-listed Galaxy Digital Holdings (GLXY) roseate astir 14%. Additional gainers included crypto-focused slope Silvergate Capital (SI), up 23%, and crypto broker Voyager Digital (VYGVF), up 24%.
Bitcoin mining stocks were besides up importantly connected Friday, led by CleanSpark (CLSK) and Hut 8 (HUT).
Gains successful bitcoin (BTC), which was up 4% implicit the past 24 hours, and ether (ETH), up 5%, on with a broader tech banal rally were helping the origin arsenic investors person precocious fled precocious maturation tech stocks and riskier crypto assets. The tech-heavy Nasdaq Composite Index was rising implicit 3% Friday.
Coinbase got a much-needed boost aft posting weaker-than-expected earnings connected Tuesday that caused its banal to autumn arsenic overmuch arsenic 34% this week. Oppenheimer defended the company’s 10-Q hazard disclosure that led to capitalist concerns successful a enactment connected Thursday, saying the filing and tweet from CEO Brian Armstrong are “grossly misunderstood and being taken retired of context.” Analyst Owen Lau maintained an outperform standing and terms people of $197.
Shares of MicroStrategy, which holds billions of dollars worthy of bitcoin connected its equilibrium sheet, were down arsenic overmuch arsenic 45% astatine 1 constituent this week. Despite bitcoin’s latest declines, CEO Michael Saylor tweeted connected Tuesday that the company’s bitcoin-backed loans were not a origin for concern.
The collapse of algorithmic stablecoin TerraUST (UST) on with the Terra (LUNA) ecosystem besides sent broader crypto prices little this week.
“The grade of the harm caused from the depegging of caller stablecoins, and illness of LUNA is chartless and volition apt proceed to play retired successful the weeks to come, but we expect that caller events successful the crypto marketplace to beryllium catalysts for regulation, peculiarly astir stablecoins, which we deliberation would beryllium welcomed by investors,” Chris Allen, an equity probe expert astatine Compass Point told clients successful a enactment Friday.
Elsewhere, Robinhood (HOOD), which has a important crypto trading business, roseate implicit 26% connected Friday aft it was learned that FTX CEO Sam Bankman-Fried had taken a 7.6% stake successful the online brokerage.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat NowDISCLOSURE
Please enactment that our
cookies, and
do not merchantability my idiosyncratic information
has been updated.
The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a
strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of
Digital Currency Group, which invests in
and blockchain
startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of
stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.
Michael Bellusci is CoinDesk's crypto payments reporter.
Michael Bellusci is CoinDesk's crypto payments reporter.
Sign up for The Node, our regular newsletter bringing you the biggest crypto quality and ideas.
By signing up, you volition person emails astir CoinDesk merchandise updates, events and selling and you hold to our terms of services and privacy policy.
English (US) 