Crypto Stocks Soar Over 300% as Bitcoin Rallies Past $44K; El Salvador Holds Despite 130M Profit
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Crypto stocks like Coinbase (COIN), MicroStrategy (MSTR), Riot Platforms (RIOT), Marathon Digital Holdings (MARA), and Ebang International Holdings (EBON) have rallied over 300% YTD, outperforming bitcoin's 160% gain.
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The leverage in crypto miners' business models and undervalued crypto stocks relative to fundamentals contributed to the outperformance vs bitcoin.
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El Salvador's bitcoin holdings are up about 2.8% since 2021 to over $130 million, but President Bukele said the country won't sell despite the profit.
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Bitcoin faces resistance around $48,000, which was a local peak in March 2022, but support around $38,000 if there's a setback.
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Bitcoin rose 15.3% in the past week to around $44,000, while Ether rose 11% to around $2,271.