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“Never short a dull market” is a favorite axiom of veteran traders, and it’s proven true once again as a gain for bitcoin (BTC) – stuck in a very tight range for the past month – has set off an explosive move higher in crypto-related stocks including Coinbase (COIN) and Marathon Digital (MARA).
The recipient of a number of downgrades and price target cuts to start the year, crypto exchange Coinbase is higher by 15% today and now up nearly 25% from an all-time low hit earlier in 2023.
With most of the miners having begun the year priced as if they will follow peers Core Scientific (CORZ) and Argo Blockchain (ARBK) into either bankruptcy protection or some other form of restructuring, bitcoin’s modest advance is having a big effect on Monday. Marathon is higher by 24% and the company formerly known as Riot Blockchain, Riot Platforms (RIOT), is up 18.5%. Hut 8 (HUT), Hive Blockchain (HIVE), and Bit Digital (BTBT) are all ahead more than 20%. While up just 4.6% Monday, Argo has quadrupled in value since agreeing to a bailout from Galaxy Digital (BRPHF).
While the moves seem impressive, all of the above names have suffered declines above 80% over the past year, so today’s gains hardly amount to a blip on a longer-term chart.
As for bitcoin, it had been flatlining in the mid-$16,000 area since early December, but has managed to claw its way to $17,300 at press time, up about 5% for 2023.
As for other industry players on Monday, MicroStrategy (MSTR) is up 11%, and the ADRs of Galaxy Digital gained 10%.
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