-
Miners
lead
the
outperformance
on
Friday,
including
Cipher
Mining
(CIFR),
Mawson
(MIGI),
and
Core
Scientific
(CORZ). -
Coinbase
stock
goes
through
the
Wall
Street
roller
coaster
after
upgrades
and
downgrades
in
the
same
week. -
U.S.
election
could
provide
a
potential
positive
macro
catalyst
for
the
bitcoin
price,
an
analyst
wrote.
After
a
week
of
selling,
some
bulls
seem
to
be
back
in
the
crypto
market.
Crypto-linked
stocks
rallied
Friday
after
bitcoin
(BTC)
price
rose
more
than
3%
in
the
last
24
hours,
ending
the
week
in
the
green.
Bitcoin
mining
companies,
which
generally
are
more
exposed
to
the
price
fluctuations,
were
the
biggest
gainers,
with
many
of
the
stocks
rising
from
5%
to
15%,
including
Cipher
Mining
(CIFR),
Mawson
(MIGI),
Core
Scientific
(CORZ),
Sphere
3D
(ANY),
TeraWulf
(WULF),
Bitfarms
(BITF),
Marathon
Digital
(MARA),
and
Hut
8
(HUT),
which
had
been
particularly
hit
hard
earlier
in
the
week
after
it
became
a
target
of
a
short
seller.
Other
crypto-linked
stocks,
such
as
crypto
exchange
Coinbase
(COIN)
and
enterprise
software
company
that
holds
bitcoin
in
its
balance
sheet,
MicroStrategy
(MSTR),
were
also
up
between
3%
and
5%
on
Friday.
MicroStrategy,
long
considered
as
a
proxy
for
bitcoin
price,
holds
about
189,000
in
its
balance
sheet
after
the
latest
purchase
in
December.
Coinbase,
which
acts
as
custodian
for
many
of
the
spot
bitcoin
exchange-traded
funds
(ETFs),
saw
roller
coast
of
Wall
Street
analysts
actions
this
week,
adding
to
the
price
fluctuations.
The
shares
of
the
crypto
stock
came
under
added
pressure
earlier
this
week
after
JPMorgan
downgraded
the
stock
to
an
underweight
rating,
citing
a
disappointing
bitcoin
ETF
catalyst.
Subsequently,
the
stock
was
upgraded
to
outperform
Thursday
by
Oppenheimer,
which
cited
strong
company
fundamentals
and
a
tough
management
team.
The
main
catalyst
for
the
week’s
selloff
was
traders
treating
the
bitcoin
ETF
approval
as
the
“sell
the
news”
event,
pulling
money
out
of
Grayscale
Bitcoin
Trust
(GBTC).
The
slow
inflow
of
funds
intro
the
newly
approved
ETFs
might
have
also
added
to
the
pressure
as
it
likely
have
dampened
the
hype
that
was
built
up
heading
into
the
ETF
approval.
Meanwhile,
the
selloff
was
accentuated
even
more
by
FTX’s
bankruptcy
estate
dumping
22
million
GBTC
shares,
as
CoinDesk
reported.
The
post-ETF-approval
drop
might
be
a
short-term
phenomenon,
according
to
Markus
Thielen,
head
of
research
at
10x
Research.
“Even
if
Bitcoin
ETF
inflows
disappoint,
this
is
not
the
time
to
turn
bearish
as
the
macro
environment
will
remain
a
tailwind
in
2024,
and
the
US
election
cycle
will
see
a
constructive
fiscal
response
that
will
lift
asset
prices
higher,”
he
wrote
in
a
note.
“The
time
to
turn
bearish
was
in
early
January
when
we
called
for
a
correction
back
to
36,000/38,000
when
Bitcoin
traded
at
44,000.
We
would
use
any
further
dip
to
start
buying
again,”
Thielen
added.