Bernstein increasingly convinced Bitcoin price is heading towards $150,000

The underperformance of Bitcoin mining stocks is a 'compelling buying opportunity' - analyst

March 12, 2024 11:25 AM EDT

On Tuesday, analysts at H.C. Wainwright released a note providing their views on the Bitcoin (BTC) mining industry, noting a significant increase in the collective operating hash rate among publicly traded BTC miners for February. The hash rate rose by 8% month-over-month to 125.7 EH/s, representing 22% of the total network hash rate at month-end, up from 21% in January, said the firm. Despite this increase, there was a 12% month-over-month decline in total BTC production, with miners producing 5,175 BTC compared to 5,848 BTC in January.

The decrease in BTC production was attributed to a 52% month-over-month drop in transaction fees and a 9%... More

Tesla vs. Bitcoin correlation is broken. Morgan Stanley explains why

March 12, 2024 7:00 AM EDT

Historically, Tesla's (NASDAQ: TSLA) stock and Bitcoin (BTC) have been viewed as a gauge for investor risk appetite.

Yet, since September, the once positive link between the price movements of TSLA shares and Bitcoin has broken down, Morgan Stanley analyst Adam Jonas said in a Monday note.

There are a couple of notable developments taking place below the surface that have contributed to this trend, according to Jonas and his team of analysts.

First of all, the directions of Tesla stock and Bitcoin prices have begun to diverge. Notably, the automaker... More

Bernstein on Bitcoin: 'We are now more convinced about our $150K price for Bitcoin'

March 12, 2024 6:49 AM EDT

Bernstein on Bitcoin: ' We are now more convinced about our $150K price for Bitcoin'

The analyst comments "We are now more convinced about our $150K price for Bitcoin: Bitcoin today is at $71K, we expected this to break out post halving. We built Bitcoin institutional flows in our... More

Raymond James Upgrades Coinbase Global Inc. (COIN) to Market Perform, 'we suspect the stock’s current momentum may persist'

March 12, 2024 4:38 AM EDT

(Updated - March 12, 2024 7:08 AM EDT)

Raymond James analyst Patrick O'Shaughnessy upgraded Coinbase Global Inc. (NASDAQ: COIN) from Underperform to Market Perform.

The analyst comments "We are upgrading Coinbase from Underperform to Market Perform. Our long-term bias on Coinbase remains negative, but we no longer believe Underperform is the... More

MicroStrategy buys 12,000 Bitcoin using $800M raised from convertible note offering

March 11, 2024 9:45 AM EDT

MicroStrategy (NASDAQ: MSTR) acquired an additional 12,000 Bitcoin, according to a Monday security filing.

MSTR shares popped more than 9% at the market open on Monday, while Bitcoin (BTC) was trading around $72,000 at the time of writing.

The purchase was made using the funds... More

Bill Ackman raises concerns over Bitcoin miners' record energy consumption

March 11, 2024 5:21 AM EDT

Bitcoin miners, rebounding from the recent cryptocurrency downturn, are pouring billions into new equipment and setting energy consumption records, in light of an impending software update in the biggest cryptocurrency that could affect their revenue streams.

Since February 2023, according to TheMinerMag's analysis of public documents, the top 13 mining companies have spent over $1 billion on high-tech mining hardware. CleanSpark (NASDAQ: CLSK) and Riot Platforms (NASDAQ: RIOT)... More

Bitcoin hits record above $72,000 as demand frenzy intensifies

March 11, 2024 3:23 AM EDT

By Hannah Lang, Amanda Cooper and Harry Robertson

WASHINGTON/LONDON (Reuters) -Bitcoin hit a record high on Monday above $72,000, as the biggest cryptocurrency's surge showed no signs of slowing down.

Bitcoin was last up 4.4% at $72,649 after reaching as high as $72,739.

The world's most valuable cryptocurrency has been boosted by a flood of cash into new spot bitcoin exchange-traded funds and hopes that the Federal Reserve will soon cut interest rates.

"The recent surge in Bitcoin's value ... underscores the remarkable strength and resilience of the leading cryptocurrency. This achievement not only marks a significant milestone but also... More

Crypto firm Galaxy says bitcoin will 'climb the wall of worry' as the bull market continues

March 8, 2024 1:58 PM EST

Crypto firm Galaxy released a research note this week assessing the dip in crypto on Tuesday, March 5, and what it means for the bull market.

In a note headed by the firm's head of research, Alex Thorn, they said BTC is "still not for rookies" after the premier cryptocurrency fell following the new all-time high earlier in the week.

"The drawdown was compounded by significant long liquidations --... More