Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s breakthrough past $72,000 leads to a surge in Coinbase and MicroStrategy stocks.</li>
 <li>Oppenheimer and Benchmark analysts increase price targets for Coinbase and MicroStrategy, respectively.</li>
</ul>
<p>The week began positively for crypto-related companies as <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> soared past the $72,000 mark for the first time since mid-March.</p>
<h2 id="stocks-surge">Stocks Surge</h2>
<p>In early morning trading in New York, shares of Nasdaq-listed <a href="https://crypto.ro/en/exchange/gdax/" rel="noopener noreferrer nofollow">Coinbase</a> and MicroStrategy rose by 8% and 12% respectively. Coinbase shares climbed above $260, while MicroStrategy’s stock exceeded the $1,600 mark in the last 24 hours, according to data from TradingView.</p>
<h2 id="new-price-targets">New Price Targets</h2>
<p>Recently, New York-based financial firm Oppenheimer raised Coinbase’s share price target from $200 to $276, maintaining its buy rating. Oppenheimer analyst Owen Lau predicts that Coinbase’s 1Q24 trading volume will increase by 95% quarter-on-quarter, and 107% year-on-year to $300 billion.</p>
<p>Benchmark analyst Mark Palmer also increased his price target for MicroStrategy stock from $990 to $1,875, reaffirming his buy rating. This new target suggests a 17% upside from the current opening price.</p>
<p>MicroStrategy’s Bitcoin holdings now total 214,250 as of the company’s March filing. In March, MicroStrategy purchased an additional 9,245 Bitcoin for $623 million in cash, meaning the company now holds over 1% of the total Bitcoin supply.</p>
<p>However, Bitfinex Alpha’s recent report suggests that Bitcoin’s sell pressure could increase due to a decrease in the digital asset’s supply held by long-term holders. The report noted that the supply held by short-term holders has increased by 1.121 million Bitcoin, offsetting the distribution pressure from long-term holders and indicating an additional acquisition of about 121,000 Bitcoin from the secondary market.</p>
<p>Since the launch of spot Bitcoin ETFs on January 11, the amount of Bitcoin held by such ETFs has grown from 621,390 to 836,120.</p>

Bitcoin Soars Past $72,000: MicroStrategy and Coinbase Stocks Skyrocket in Response

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