Crypto Stocks Fly High as December Gets Underway – CryptoCurrencyWire

Stocks of companies involved in cryptocurrency mining and those tracking Bitcoin’s performance experienced an upswing on Dec. 1, 2023. The surge was driven by Bitcoin, the largest crypto in the world, reaching a nearly two-year high, fueled by growing confidence in the market’s risk appetite.

The cryptocurrency, currently valued at $38,812 and experiencing a 1.6% uptrend, has been on an upward trajectory since October. This bullish trend is attributed to the anticipated spot ETF approval, which is expected to attract increased capital investments in the crypto-asset realm.

Throughout the year, a confluence of factors has contributed to these favorable tailwinds. Notably, the anticipation of a spot ETF, the likelihood of further money printing next year and the clearing of uncertainties regarding Binance have played significant roles in supporting bitcoin’s rally.

Market analyst Sam Callahan from Swan Bitcoin anticipates Bitcoin to trade between $36,000 and $40,000 by year end. This projection is contingent on the macroeconomic environment remaining stable without adverse turns.

Despite Bitcoin’s positive performance throughout the year, historical data reveals that December tends to be a volatile month for crypto. In seven out of thirteen instances since its creation in 2009, Bitcoin has experienced an upswing in December, according to Dow Jones Market Data. Further analysis indicates that in years where Bitcoin gained more than 100% by November, December witnessed an average gain of 20%, occurring four out of six times.

The rise in Bitcoin also had a positive impact on the equities of miners; gains of 1.7% to 4% were recorded by companies such as Tera Wulf, Marathon Digital Holdings Inc. (NASDAQ: MARA) and Riot Platforms. J.P. Morgan also adjusted its price targets for Riot Platforms, Cipher Mining, Marathon Digital, CleanSpark and Iris Energy to align with Bitcoin’s rally. ProShares Bitcoin Strategy ETF gained 2.1%, while Microstrategy, a U.S.-based Bitcoin investor and software developer, rose roughly 3.5%.

Mining businesses are increasing production in anticipation of the impending “halving” event of Bitcoin. With this event, token production rewards will be cut in half.

Coinbase’s stock increased by roughly 2.5% after seeing an astounding 62% increase in November, outpacing Bitcoin’s 11% increase. Despite the rise, the crypto exchange did, however, disclose a decrease in trade volume early in November.

While these developments instill confidence, incoming regulations and legal challenges could introduce volatility to Bitcoin’s stock. The recent resignation of Binance founder CZ and his guilty plea to violating the United States antimoney laundering legislation further fueled uncertainties.

About CryptoCurrencyWire

CryptoCurrencyWire (“CCW”) is a specialized communications platform with a focus on blockchain and the cryptocurrency sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled recognition and brand awareness. CCW is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from CryptoCurrencyWire, text “CRYPTO” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CryptoCurrencyWire.com

Please see full terms of use and disclaimers on the CryptoCurrencyWire website applicable to all content provided by CCW, wherever published or re-published: https://www.CryptoCurrencyWire.com/Disclaimer

CryptoCurrencyWire
New York, NY
www.CryptoCurrencyWire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com

CryptoCurrencyWire is powered by IBN

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://www.cryptocurrencywire.com/crypto-stocks-fly-high-as-december-gets-underway/