Cryptocurrency prices were mixed midday Wednesday after soaring Tuesday. Bitcoin continues to rally on hopes that a Bitcoin spot exchange-traded fund will launch soon. Bitcoin prices surpassed $35,000 intraday on Tuesday – its highest level since May 2022.
The price of bitcoin was trading around $34,400 on Wednesday, by CoinDesk.
Bitcoin Stocks: Coinbase, MicroStrategy
Meanwhile, cryptocurrency exchange Coinbase fell more than 5% midday Wednesday, giving back much of Tuesday’s 6.3% advance.
Stocks are back above their 50 day line, which had been a solid resistance level. Still, COIN stock is nearly 30% off its 52-week high set on July 14.
The stock is currently building the right side of an undefined base. Expect more strength to bring more clarity to the current basic training.
MicroStrategy added 1.4% midday Wednesday, extending this week’s gains after the stock climbed more than 12% Tuesday. MSTR stock builds a cup base with a 475.09 point of purchase. With the stock about 8% off this entry, keep an eye on a potential handle to offer a lower buy point.
The computer software company holds 158,245 bitcoins with an average purchase price of $29,582 as of September 24, CoinDesk reported.
MSTR Stock shows a good 94 out of 99 IBD Composite Rating according to Checking ITN stocks. Meanwhile, MicroStrategy line of relative force reached a new high this week, indicating strong stock market outperformance.
Spotify attempts an escape
Late Tuesday, Music streaming giant Spotify has exceeded expectations for new subscribers and total listeners in the third quarter and posted a surprise profit.
The Stockholm-based company added 6 million premium subscribers in the September quarter. Analysts expected 4.2 million new subscribers. Spotify ended the period with 226 million total paying subscribers worldwide.
Additionally, Spotify recorded 574 million monthly active users in the third quarter, compared to Wall Street’s target of 572 million. Spotify offers an ad-supported service in addition to its ad-free subscription service. Its monthly active users grew 26% year-over-year.
In response, SPOT stock jumped more than 10%, closing at its highest level since July 21. The stock rose above 167.74. point of purchase in a flat base according to IBD Market graphical analysis. Spotify shares plunged 5.5% Wednesday afternoon.
Remember, the stock market outlook is in a market correction. This means investors should avoid further breakouts until the outlook improves.