tl;dr
Bitcoin (BTC-USD) is on track to post a weekly gain of ~11%, its highest levels in almost a month, amid renewed concerns over the health of regional banks. New York Community Bancorp is seeking to offload risk related to a large portfolio of residential mortgages and add liquidity at its Flagstar Ba...
Bitcoin (BTC-USD) is on track to post a weekly gain of ~11%, its highest levels in almost a month, amid renewed concerns over the health of regional banks. New York Community Bancorp is seeking to offload risk related to a large portfolio of residential mortgages and add liquidity at its Flagstar Bank unit. "The conversations around a banking crisis and positive government data around inflation have been key drivers for the surge," said Dan Raju, CEO of brokerage Tradier.
Bitcoin (BTC-USD) broke the $48K mark on Friday for the first time in a month, which also pushed cryptocurrency-linked stocks higher. While the top crypto had seen lukewarm trading last week, it picked up in the week ending Feb. 9 and traded in the range of $42K-$48K. Spot Bitcoin (BTC-USD) ETFs also saw consistent inflows, seeing their third-largest influx of $403 million on Feb. 8, Coin Telegraph reported. The ETFs' total inflows have already exceeded $2.1 billion since their launch last month.
"This time, Bitcoin's (BTC-USD) price action looks stronger pre-halving, and in our view, will likely sustain momentum for the rest of the year," said Bernstein analyst Gautam Chhugani. He recommended buying crypto mining stocks, with his top picks being Riot Platforms (RIOT) and CleanSpark (CLSK).
Notable News
- Crypto custody and trading platform Bakkt (BKKT) on Thursday said there's "substantial doubt" about its ability to continue as a going concern in the next year without raising capital.
- CleanSpark (CLSK) on Thursday posted an unexpected quarterly profit, as its Bitcoin (BTC-USD) mining revenue surged 166% from a year before, thanks to a rally in BTC prices.
- Crypto exchange Binance will delist the monero (XMR-USD) privacy coin on Feb. 20, sending the token down 28.2% on Tuesday. It also plans to delist aragon (ANT-USD), multichain (MULTI-USD), and vai (VAI-USD) tokens.
- Former President Donald Trump, who personally owns investments in crypto, said central bank digital currencies (CBDCs) can be a "very dangerous thing."
- Bitcoin (BTC-USD) miners reported their Jan. production this week, with the output of Marathon Digital (MARA) down 42% M/M, Riot (RIOT) down 16% M/M, CleanSpark (CLSK) down 19.86% M/M, and Argo Blockchain (OTCPK:ARBKF) down 20% M/M.
Bitcoin, Ether Prices
Bitcoin (BTC-USD) rose ~4.26% to $47.4K at 4:36 pm ET on Friday, and ether (ETH-USD) inched up ~2.50% to $2.5K.
SA contributor WisdomTree believes there are multiple signals, one being volatility, that show Bitcoin (BTC-USD) is maturing as an asset class. "The fact that spot Bitcoin (BTC-USD) exposure is available in the ETF structure was an important milestone, but it was just one among an array of signals that indicate Bitcoin as an asset class is on its journey toward maturation."
More about Riot Blockchain Inc
Riot Blockchain Inc. focuses on cryptocurrency mining in North America and is headquartered in Castle Rock, Colorado. The company's market cap is $2,695,021,000 with a current stock price of $18.71. The stock has experienced a 2.08% decrease in value over the past year and has a relative strength index (RSI) of 1.582, indicating a slightly bearish sentiment. Despite a recent breakout with a 2.333 increase, the stock is currently trading near its resistance level, suggesting potential volatility. As with all cryptocurrency-related stocks, there is inherent risk and uncertainty in the market, and past performance may not be indicative of future results.
More about CleanSpark Inc
CleanSpark Inc provides energy software and control technology solutions worldwide. The company is headquartered in Woods Cross, Utah. It operates in the Real Estate & Construction sector and is classified under Blank Checks. With a market cap of 2752542000, the stock has shown a one-year target estimate of 1.652. The stock performance has seen a decrease of -1.29 with a current price of 1.155. Market sentiment appears to be neutral with a potential for bullish trends in the future, but it is important to note the uncertainties and risks associated with the market.
More about Bakkt Holdings Inc
Bakkt Holdings Inc is a technology company in the services-prepackaged software industry, with a market capitalization of 79132000. The stock has shown a 1-year performance of -1.67 and a 5-year performance of 6.77. The stock's price-to-earnings ratio is -0.254, with a total volume of 579873000. The market sentiment appears neutral with a 1.4% change in price and no significant movement in the stock's performance. Investors should be cautious as there are potential risks and uncertainties associated with the company's financial performance, and past market behavior may not be a reliable indicator of future performance.
More about Marathon Digital Holdings Inc
Marathon Digital Holdings Inc (MARA) is a cryptocurrency mining digital asset technology company with a focus on the blockchain ecosystem and digital asset generation in the United States. The company's market sentiment seems to be positive, with a market cap of $5.16 billion and a relatively high trading volume of 259,157,000. However, the stock has experienced a recent decline, with a -3.08% change in price. The company's financial metrics show a positive EPS of 1.638, but a negative net income of -1.337. It is important to note that the cryptocurrency market is highly volatile, and past performance may not be indicative of future results. It is essential to consider the potential risks and uncertainties associated with investing in cryptocurrency-related stocks.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.