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Bitcoin-focused company shares surge in pre-market as BTC breaks $45,000

CNN Crypto -Crypto News Network

Coinbase and MicroStrategy reported rises of 9% and 6%, respectively, prior to the New York bell. Following a rise in the price of Bitcoin BTC $45,389 above $45,000 and the January 10 deadline for Bitcoin exchange-traded fund (ETF) decisions, the pre-market trading session saw a sharp increase in the share prices of MicroStrategy, a company dedicated to the cryptocurrency, and Coinbase.

In pre-market trading on January 2, shares of Coinbase and MicroStrategy experienced increases of 6% and 9%, respectively. MicroStrategy’s shares increased by 9.14% to $689.11, while Coinbase’s stock increased by 6.4% to $184.99.

Market Dynamics and Performance of Cryptocurrency Exchanges

Every trading day, the pre-market trading session usually takes place in the hours before the 9:30 am ET market opens in New York. Before the open market, investors can purchase and sell stocks.

After a forgettable 2022, Coinbase’s share price has risen by 36% in the last month and by approximately 420% year over year. Even though it stated that the share price of the first publicly traded cryptocurrency exchange in America is still approximately 46% below its $343 all-time high, which achieved upon the exchange’s 2021 launch.

Similarly, MicroStrategy’s stock has risen by 25% in the last month and 372% in the last year, but it is still 8% behind its peak of $750 in 2021.

 During the pre-market trading session, several publicly traded companies with a focus on cryptocurrency, such as PayPal and Block Inc, saw losses despite gains in the Bitcoin market. But when American markets open, that might not be the case.

The year-end trajectory of the majority of crypto-focused companies is different from the recent shift in their share prices, with many experiencing a decline in value due to broader market corrections.

The hype surrounding the approval of spot Bitcoin ETFs is credited with causing the recent increase in the prices of two significant Bitcoin-focused companies. While MicroStrategy remains the largest Bitcoin holder, several large institutional investors have chosen Coinbase as their custodian in anticipation of the launch of its spot BTC exchange-traded funds.

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