Crypto Sector Breaks Out as Bitcoin Reclaims 47,000

MARA, COIN, and IBIT are all soaring today

Managing Editor
Feb 9, 2024 at 11:40 AM
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This morning, Bitcoin (BTC) reclaimed the $47,000 level for the first time since March 2022. In response, cryptocurrency-adjacent stocksMarathon Digital Holdings Inc (NASDAQ:MARA) and Coinbase Global Inc (NASDAQ:COIN), as well as BTC exchange-traded fund (ETF) iShares Bitcoin Trust (IBIT) are all confidently higher. 

MARA was last seen up 5.7% to trade at $22.82. While the stock is still 0.5% lower in 2024, it has added 292.5% in the last 12 months, with support stepping up at the 80-day moving average. COIN, meanwhile, is up 3.9% to trade at $137.71, also bouncing off its 80-day trendline. The shares are still down 19.4% year-to-date, despite a 134.9% year-over-year lead. 

Both stocks remain short squeeze candidates. A whopping 22.8% of MARA's total available float is sold short, while a healthy 8.7% of COIN's float is sold short. 

IBIT made its debut on Jan. 11, opening at $27.94 and trading as high as $30. Last seen up 3.8% to trade at $27.01, the ETF is pacing for a nearly 10% weekly pop, its best week yet.

 

 

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