On Monday, cryptocurrency stocks experienced a resurgence, benefiting from Bitcoin's initial price recovery.
Bitcoin's Mild Recovery
Currently, Bitcoin is trading at $55,422 after adding 3% over the past 24 hours. The cryptocurrency managed to reclaim the $55,000 level during the European morning.
Key Market Players
Coinbase (COIN), the leading US cryptocurrency exchange, is up 3.46%, trading at $152 per share. Marathon Digital Holdings (MARA), a top cryptocurrency mining company, is up 6.39%, currently trading at $14.25. MicroStrategy (MSTR) has surged 6.29% to reach $121, as the company remains the largest holder of the leading cryptocurrency. However, shares of cryptocurrency-friendly Silvergate Capital (SICP) have plunged by more than 5%, emerging as an outlier in the general positive market trend.
Future Expectations
Cryptocurrency traders are patiently waiting for the upcoming US consumer price index (CPI) report, which is on track to be published on Wednesday. This crucial data will provide traders and investors with more clarity regarding the Fed's upcoming rate cut.
Despite the recent rebound, the price of Bitcoin is still down nearly 6% this month. However, the cryptocurrency remains up 32.2% on a year-to-date basis.
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