Bitcoin surpassed $66,000 for the first time this month
Earlier today, Bitcoin (BTC) rose above $66,000 for the first time since late September, continuing to rise as China’s economic stimulus measures boosted investor sentiment. Additionally, the S&P 500 (SPX) hit an all-time high, leading some to speculate that positive market-wide price action ahead of the 2024 US presidential election could be bullish for cryptocurrencies.
Now is a good time to check out crypto stocks MARA Holdings, Inc (NASDAQ:MARA) and Coinbase Global Inc (NASDAQ:COIN).
MARA last traded at $17.12 million, up 6.6% and down 25.8% year-to-date, but still up 126.3% in 2024. Marathon stock also just regained support from its 50-day moving average, which had been a consistent resistance layer. From late July.
Call traders have been piling up securities, with 267,000 bullish bets placed to date. This volume is three times the average intraday volume, with new positions being sold to open on the most popular October 18th call. A 19-strike call from the same standard series is also popular and is being bought to open new positions.
Coinbase stock last traded at $90.77, up 8.2%. Additionally, the stock has just regained support from its 50-day moving average and could find support at the breakeven level, which is +10% year-to-date. Compared to the previous year, COIN increased by 160.8%.
The options pit for Coinbase stock also saw higher than normal intraday call volume today, with 341,000 calls crossing the tape, four times the volume typically seen at this point. Seventeen of the 20 most popular contracts have new positions open, led by October’s 190 calls.
