“On November 11, MicroStrategy’s share price set a new all-time high of $351.73, increasing the year-to-date growth rate to 438.3%. The catalyst was the rally of the cryptocurrency market after the victory of Donald Trump in the US presidential elections. Daily chart of MSTR. Source: Finviz. Capitalization of MicroStrategy jumped by 25.7% to $68.9 billion. According to Bloomberg analyst Eric Balchunas, the trading volume of MSTR shares reached a record $12 billion — six times more than […]”, — write: businessua.com.ua
On November 11, MicroStrategy’s share price set a new all-time high of $351.73, increasing the year-to-date growth rate to 438.3%. It became a catalyst rally of the cryptocurrency market after the victory of Donald Trump in the US presidential election.
Daily chart of MSTR. Source: Finviz.
Capitalization of MicroStrategy jumped by 25.7% to $68.9 billion.
According to Bloomberg analyst Eric Balchunas, the trading volume of MSTR shares reached a record $12 billion — six times more than that of JPMorgan or General Electric.
Earlier, the specialist reported that the total circulation of Bitcoin-related instruments amounted to $38 billion.
As of November 11, the firm holds 279,420 BTC on its balance sheet, purchased for $11.9 billion at an average rate of $42,692. At the time of writing, assets are valued at $24.42 billion.
From October 31 to November 10, the firm bought 27,200 BTC for $2.03 billion (at a price of ~$74,463 per coin).
CoinbaseOn November 11, the Coinbase share price repeated the maximum since November 2021 at the level of $334.86. The growth was 19.8%.
Over the past five days, the securities of the Bitcoin exchange have risen in price by 75%.
Daily COIN chart. Source: Finviz.
Balchunas emphasized that Coinbase shares, like Microstrategy, are among the top 5 most traded securities. Only Tesla and Nvidia are higher.
Bitcoin mania taking over the stock market too as Coinbase and Microstrategy are both in Top 5 most traded stocks today, something I’ve never seen, only Tesla and Nvidia more. Both up an absurd 18% today. Feels like a craze, at least for the moment.. pic.twitter.com/W9T4IPXmQM
— Eric Balchunas (@EricBalchunas) November 11, 2024
Mackenzie Sigalos from CNBC cited the prospect of a change in management as an additional reason for the sharp increase in the price of cryptocurrency exchange shares SEC. Coinbase is one of the companies facing regulatory harassment.
The commission sued the platform in June 2023. The agency accused her of violating the securities law and operating without registration. The Coinbase Earn staking program was also targeted by the agency.
In response to the SEC’s lawsuit, the exchange accused the regulator of exceeding its authority. The company recalled that for many years it complied with all supervisory requirements and repeatedly requested direct recommendations on the application of regulatory acts on securities.
The agency’s lawyers, for their part, questioned Coinbase’s statement that the company was not aware of any violations of the law.
In July, the exchange accused the SEC and FDIC in non-compliance with the Law on Freedom of Information. Appropriate requests allow the public to request documents from any federal agency.
CanaanOn November 11, the price of Canaan, a manufacturer of mining equipment, rose by 41.3% to $1.78.
Daily CAN schedule. Source: Finviz.
An additional driver was reaching agreements with HIVE Digital to supply 6,500 Avalon A1566 ASIC devices.
500 miners will be installed in the near future. The remaining 6,000 vehicles will be delivered in four monthly batches of 1,500 units between December and March 2025. The terms of the deal were not disclosed.
Earlier, the ex-head of BitMEX, Arthur Hayes, repeated the forecast of bitcoin growth to $1 million, referring to the expectation of the implementation of Donald Trump’s economic program.
We will remind you that the victory of the representative of the Republicans in the US elections led to an increase in the value of the shares of cryptocurrency companies by more than 10%.
The source