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Strategy, MARA Holdings, and Galaxy Digital are among crypto-related equities recording double-digit percentage increases early on Friday.
Bitcoin rises to $68,000 (Shutterstock)
Key points:
- Bitcoin continued its overnight recovery during U.S. morning hours on Friday, surpassing $70,000 after reaching $60,000 late Thursday.
- Strategy (MSTR), MARA Holdings (MARA), and Galaxy Digital (GLXY) are part of a group of crypto-related stocks that have recorded double-digit percentage increases.
- Michael Saylor’s dedication to tackling the quantum computing threat has led some to suggest that bitcoin may have reached its lowest point.
Crypto markets are building on overnight gains in U.S. morning trading on Friday, with bitcoin rising above $68,000, representing an increase of nearly 17% since it reached $60,000 late yesterday.
Bitcoin has now risen by 2.5% over the last 24 hours. Ether has increased by 2.2%, while solana has risen by 2%. Notably, XRP has surged to $1.50, marking a 17% increase over the past day.
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Crypto-related equities are experiencing significant upward movements on Friday following declines in the previous trading session.
Strategy (MSTR) — which announced a $14.2 billion loss for the fourth quarter late Thursday — has increased by 14%, although it remains 22% lower year-to-date at $122. Galaxy Digital (GLXY) has risen by 15%, and bitcoin miner MARA Holdings (MARA) is up 12%.
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On the downside, bitcoin miner-turned AI infrastructure provider IREN (IREN) is down 1.8% following disappointing earnings results released Thursday evening.
Saylor focuses on Quantum
Those searching for signals of a market bottom are highlighting last night’s Strategy earnings call in which Michael Saylor committed to spearheading a Bitcoin security initiative to tackle the quantum threat.
Some in the crypto community have contended that bitcoin’s security framework is under a significant threat from quantum computing — a risk viewed as so pressing that numerous investors are either divesting or opting not to allocate funds to bitcoin.
“Saylor’s announcement indicates that prices have finally prompted the Bitcoin community to recognize and confront quantum risk,” noted Quinn Thompson.
Set for technical rebound
Paul Howard, director at the crypto trading firm Wincent, remarked that bitcoin has returned to price levels not seen in 14 months, with the critical momentum indicator RSI indicating deeply oversold conditions. He added that trading volumes for BTC and ETH have surged to their highest levels in over two years. This technical configuration typically suggests the possibility of at least a short-term rebound.
“It would be unusual if we did not observe at least some short-term reversion here,” he stated.
Updated (14:55 UTC): Adds bitcoin price rising above $70,000.
