Crypto Stocks Record Inflows As Bitcoin Moves Past $71,000

Crypto Stocks Record Inflows As Bitcoin Moves Past $71,000

PENGY June 6, 2024, 3:02 am Facebook Twitter


Inflows to digital assets have sparked ripple effects outside the price rally extending to crypto stocks, decentralized finance (DeFi) numbers, and total value locked (TVL) spikes among others. Crypto stocks have seen surging inflows in the last 24 hours with some assets extending long-term gains. Crypto stocks are assets whose prices are affected by Bitcoin (BTC), altcoins, or developments in blockchain technology.

Coinbase and MicroStrategy Leads Crypto Stocks Gains

Crypto stocks have seen inflows today on the back of the wider market upturn. Digital asset exchange, Coinbase (COIN) recorded a 2.9% increase in the market. This positive price movement took weekly flows above 4.2%. COIN trades at $251 with bulls pointing to the Q1 2024 performance. 

The asset rallied in the first quarter posting better-than-expected Q1 earnings. Bull markets see crypto exchanges record high volume adding to profits with institutions pouring funds into assets. Coinbase launched its Smart Wallet today marking a growth in the asset.

MicroStrategy (MSTR) also recorded bullish flows on the stock market. The asset is up 3% in the market as bulls rally inflows on the back of crypto asset gains. At press time, MSTR trades at $1,694. Third has pushed recent gains of the asset above 2% this week. MicroStrategy‘s Michael Saylor remains bullish on Bitcoin price after large acquisitions of the asset. 

Bitcoin miner, Marathon Digital has rallied with other crypto stocks in the market. The asset trades upwards at $21.07, a 2.68% gain. Weekly figures are also around the same figure as the asset inches forward. 

Wider Market Spikes

Crypto stocks are up following a rise in cryptocurrency prices today. Digital assets continue to attract inflows as Bitcoin sees new inflows after a flip in sentiments. The price of the asset traded above $71.600 today igniting the wider market. Altcoins like Ethereum (ETH) and Solana (SOL) notched similar gains. ETH trades at $3,864, extending weekly and monthly inflows to 2.1% and 25% respectively. Meanwhile, Solana price breaches $170 and stands at $173. 

Also Read: VanEck Raises Ethereum (ETH) Price Target To $22,000 On ETF Hype

The post Crypto Stocks Record Inflows As Bitcoin Moves Past $71,000 appeared first on CoinGape.

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