On Thursday, shares of Coinbase (NASDAQ: COIN) increased by more than 8% as investor concerns persisted, and the overall stock market saw a small gain.
The price of COIN, one of many equities related to the cryptocurrency industry that fell significantly during the 2022 bear market, rose from market opening lows of $33.46 to intraday highs of $35.33 at 11:40 am ET. Despite the gains, the year-to-date value of Coinbase shares has decreased by more than 86%. This week saw the COIN stock drop to an all-time low of $31.83, which is a 52-week low for the firm.
At the time of writing, Hut8 Mining Corp. was up 5%, and Galaxy Digital’s GLXY was up 14%. Recent financial reports show that the company’s Bitcoin mining division performed much better in 2022 than most of its competitors. This was noted on Thursday by TheMinerMag.
The Bitcoin mining company Argo Blockchain, whose shares jumped significantly after an agreement with Galaxy Digital that would help it avoid bankruptcy, was down nearly 6% in US trading.
MicroStrategy Inc. (NASDAQ: MSTR) was down 2.3% after shedding gains made on Tuesday following the company’s announcement that it bought an extra 2,500 bitcoins between 1 November and 24 December 2022.
Stocks surge buoyed by tech
US stocks increased on Thursday as the market recovered significantly in tech sectors. Investors appeared to be looking at one more chance to recover some of the losses with only two days left in the punishing 2022, despite continuing worries about the state of the world economy.
The Dow Jones Industrial Average was roughly 400 points higher, or 1.2% higher, in early trading. The Nasdaq Composite was up 2.7% on the day, while the S&P 500 had up by 1.9%. These gains were driven by the IT behemoths Apple (AAPL) +3%, Amazon (AMZN) 2.5%, and Alphabet (GOOG) +2.8%.
Elon Musk, the CEO of the electric car manufacturer Tesla, reportedly told staff that the company was still on track to become the most valuable in the world. As a result, the battered stock Tesla (TSLA), which had previously fallen by 7.3%, rose by the same amount.