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Bitcoin trades sideways, but Coinbase and Microstrategy on a tear

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Bitcoin trades sideways, but Coinbase and Microstrategy on a tear By Proactive Investors

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Published Dec 28, 2023 10:17
Updated Dec 28, 2023 10:40

Bitcoin trades sideways, but Coinbase and Microstrategy on a tear

Proactive Investors – Bitcoin has failed to emerge from its sideways trade as the year comes to a close, with cryptocurrency investors taking their wins following a surprisingly successful year for digital assets.

BTC/USD has traded between $41,000 and $43,000 for the majority of December, with the pair jumping 200 basis points yesterday before paring half of those gains this morning.

As of 10.20am, bitcoin was swapping for $43,150.

Despite the latter year cool-off, year-to-date gains for the benchmark cryptocurrency are an impressive 160%, marking a return to form following a dire 2022.

Bitcoin bulls were hoping for a final Santa rally pump above $45,000, but this seems unlikely with volumes retreating.

The sum off all outstanding cryptocurrency market capitalisations is $1.69 trillion, with bitcoin’s share of the market slightly above 51%.

Despite a lacklustre showing for bitcoin, crypto-adjacent stocks have ripped higher.

Nasdaq-listed cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) added more than 7.5% on Wednesday, and is scheduled to open another percentage point higher when US markets open today.

Meanwhile, shares in Microstrategy Incorporated, the largest corporate bitcoin holder, added 13% throughout yesterday’s trading session.

Over the past few years, MicroStrategy has morphed from a software group to a proxy bitcoin investment fund, with founder Michael Saylor even rescinded his role as chief executive in order to focus on the company’s bitcoin strategy.

MicroStrategy added another $615 million in bitcoins to its coffers this week, bringing total holdings to around $8.1 billion (this figure is of course subject to massive volatility).

Read more on Proactive Investors UK

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Bitcoin trades sideways, but Coinbase and Microstrategy on a tear

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