Coinbase and MicroStrategy climb as Bitcoin reclaims $59k

• Coinbase and MicroStrategy stocks rose 6% and 7% respectively as Bitcoin surged to above $59,000.
• Analysts say crypto markets may be choppy amid potential bearish catalysts.

Coinbase and MicroStrategy stocks have climbed more than 6% each on Aug. 8 (as of 2 pm ET), gains that come as the price of Bitcoin broke above $59,000.

The Coinbase (COIN) stock traded around $192.30 while MicroStrategy’s MSTR hovered near $134. 23.

Read more: Michael Saylor’s bet on Bitcoin paying off, his BTC holdings now valued at $1B

Bitcoin’s surge sees it extend recent momentum since reclaiming support above $50,000. According to data on CoinGecko, the flagship cryptocurrency is up 7% in the past 24 hours. Losses over the past week have shrunk to about 5%.

Amid this, crypto analyst Ali Martinez says long-term holders have aggressively bought the recent dip.

While we got liquidated trading #Bitcoin futures during the recent dip to $49,000, long-term $BTC holders were buying. They added over 184,500 #BTC to their portfolios, worth around $10 billion! pic.twitter.com/zTL04qy8qQ

— Ali (@ali_charts) August 8, 2024

Short term outlook

This positive movement for BTC comes as XRP led the crypto market higher after the latest court ruling in the Ripple vs. SEC case. XRP traded to above $0.63 to help Stellar (XLM) and other altcoins higher. Ethereum also breached the $2,600 mark.

However, XRP is poised at a key resistance zone and Ethereum may yet have to battle bearish pressure from potential selling.

“There is a potential cap on the topside in the near term with Jump Trading continuing its ETH liquidations (21,394 $wstETH ~$63.6M left) and Plus Token Ponzi 2 ETH wallets moving a total of 25,757 ETH ($63.1M) in the last 30 hours,” analysts at QCP Capital wrote.

The broader market is also still largely tinged with caution as analysts point to jitters around the global macro environment and geopolitical tensions in the Middle East. In this case, crypto could still see a retreat amid a choppy month or so.