US CPI Data Lifts MicroStrategy (MSTR) and Coinbase (COIN) Shares
After the 6.4% US CPI, Coinbase (COIN), MicroStrategy (MSTR), Marathon Digital (MARA), and other stocks rose.
US annual inflation fell to 6.4% in January from 6.2%. It's lowest since October 2021.
Following the US CPI of 6.4%, shares of Coinbase (COIN),
MicroStrategy (MSTR), Marathon Digital (MARA), and other companies have started to rise.
Shares of cryptocurrency companies with Nasdaq listings like Coinbase (COIN), MicroStrategy (MSTR), Marathon Digital (MARA), and others have started to surge after the U.S. consumer price index (CPI) data for January came in at 6.4%.
Due to the recent crackdown on the cryptocurrency sector by American officials like the SEC and NYDFS, Coinbase's (COIN) price plunged over 25%. On Monday, COIN's price fell 1.21% to close at 56.40. However, during pre-market trade, the shares are up 3% at 58.01.
The shares of Tesla and Coinbase are continually being purchased by Cathie Wood's Ark Invest. The prices of Tesla and Coinbase shares increased in January as a result of significant Cathie Wood buying.
The price of MicroStrategy (MSTR) decreased by nearly 12% over the past week as well. However, at Monday's market close, the MSTR shares increase by more than 2% to close at 249.25. During pre-market trading, the price of the shares is currently up approximately 2% at 254. In February, MicroStrategy announced its ninth straight quarterly loss, with Bitcoin impairment losses totaling $197.6 million in the fourth quarter of 2022.
In the meantime, after the CPI announcement, shares of Nasdaq-listed cryptocurrency mining companies like Marathon Digital (MARA), Riot Platforms, HIVE Blockchain, Bitfarms, and Hut 8 Mining are also trading higher.
Will the cryptocurrency market continue to rebound like MicroStrategy shares?
In January, the US annual inflation rate decreased from the anticipated 6.2% to 6.4%. Since October 2021, it has never been lower. Additionally, the CPI increased by 0.5% from December to January, the largest in three months, primarily as a result of increasing prices for housing, food, gasoline, and natural gas.
But the price of bitcoin has remained over $21.5K and is currently trading at $21,752, up almost 2% from a low of $21.4K. While in the last day, the price of Ethereum has increased by almost 3% to $1,545.
