Yahoo Finance Video Bitcoin hits $45,000, crypto stocks pop Read full article 2 Jared Blikre February 8, 2024 at 5:28 PM
Bitcoin ( BTC-USD ) prices climbed back above $45,000 Thursday morning.Prices are back to the level they were when excitement over the approval of spot bitcoin ETFs caused prices to surge.Companies with bitcoin exposure including Riot Blockchain ( RIOT ) and Marathon Digital ( MARA ) saw shares spike higher on bitcoin’s renewed momentum.
Yahoo Finance’s Senior Reporter Jared Blikre breaks down the details, providing insights into what’s occurring across the crypto market.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor’s note: This article was written by Angel Smith
Video Transcript BRAD SMITH: Bitcoin prices nearing $45,000.It’s there.Right now.Take a look at it on your screen.And Bitcoin miners, Marathon and Riot, they’re also surging.
For more on this, we’ve got Yahoo Finance’s reporter, Jared Blikre.Jared, I mean the excitement is palpable right now, right?
JARED BLIKRE: You bet.Because remember, we were saying, all right, sell the news event.That’s what’s going to happen on this ETF date when the spot Bitcoin ETFs are finally launched.And that’s exactly what happened.
And now, we’re finally back up to those prices.
So this is a three-month chart.And let me just show you, this right here, this peak was the top that coincided with the Bitcoin ETF coming to market, the spot ones.But you can see, we have traced out this sideways trading range here.
We have come above it one time.We’ve come below it.And this is typical for Bitcoin.We have false breakouts to the upside and the downside all the time.
And now, we are right back up at the Rubicon, $45,000, which I think is a more important price level than this high right here, which is around $49,000, because I think it’s an easy bet that if we get above $45,000 and can use that as support, then we’re going to see a much higher target.
And we’ll have to see exactly how that evolves, but we’ve got all the way up.We’ve got price memory between $45,000 all the way up into the $60,000s with a lot of memory there– or a lot of volume there.So that’s what I’m going to be tracking.
Story continues But as you mentioned, we’re also seeing crypto stocks on the move today.
And quite a few of them, Marathon up 6.5%.But looking at this board here, back down 35%, PayPal– that’s an earnings story as well.That’s down 9%.But let me show you the year to date, because a lot of these names still– in fact, all of these names still in the red.
Galaxy, the best off, that’s still down 2%.Take a look at crypto year to date, and we are just barely in the green.But another thing I point out is that it’s mainly a Bitcoin story.We got Chainlink up about 19%.
But for the most part, outside of crypto– inside of crypto, when you have Bitcoin and Ethereum and a couple others, the rest is in the red for the year.
BRAD SMITH: All right, Jared, we’re going to continue to keep close tabs on this, as we know you will as well.Thanks so much, Jared Blikre.
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