Crypto stocks pulled back last Friday as Bitcoin and most altcoins retreated, and the recent rally showed signs of exhaustion. Bitcoin has now pulled back from the year-to-date high of $82,545 to $78,200 today. This article highlights some of the top cryptocurrency stocks to watch this week, including Strategy (MSTR), Coinbase (COIN), and BitMine (BMNR).
MSTR Stock in Focus Amid Bitcoin Accumulation
The MSTR stock price retreated from this month’s high of $195.9 to its current level of $177. This retreat happened as the recent Bitcoin rally lost momentum.
The company will be in the spotlight this week as it publishes its Bitcoin accumulation. In an X post on Sunday, Michael Saylor hinted that the company made another purchase last week.
Judging by recent actions on STRC, its preferred Bitcoin-buying vehicle, analysts anticipate the company bought 25,000 coins last week. If this is correct, the company likely spent over $2 billion in these purchases. That will be a higher number than the 535 coins it bought in the previous week.
The stock will also be in the spotlight as STRC shareholders continue voting to authorize semi-monthly dividend payouts to its investors.
READ MORE: Bitcoin Price Prediction as BTC ETFs Suffer a $1 Billion Meltdown
Coinbase Stock in the Spotlight After the CLARITY Act Vote
COIN stock price has moved sideways in the past few months and has found substantial resistance at $221. It pulled back to $195 on Friday as Bitcoin and other altcoins retreated.
The company will be in the spotlight this week as investors assess the overall performance of the crypto market. Continued weakness will likely lead to more downside.
The stock will also react to the recently passed CLARITY Act. It was voted unanimously at the Senate Banking Committee, and now moves to the full Senate, where it is expected to pass in a bipartisan manner. Coinbase will be one of the top beneficiaries of this bill, as it will simplify industry regulation.
BitMine Stock in Focus as Ethereum Drops and as it Reveals its Purchases
The BMNR stock price crashed to $19.87, its lowest level since April 7 this year. It has dropped by almost 20% from its April high. This decline is mostly due to the ongoing ETH price retreat and dilution. This dilution is coming from its share sale to fund its Ethereum purchases.
BitMine stock will be in the spotlight this week as it reveals its Ethereum purchases. The company has now bought over 330k coins in the last 30 days, bringing its total holdings to 5.2 million. Chances are that it continued buying and staking these coins last week.
READ MORE: Is the Bitcoin Price at Risk as the US Dollar Index Surges?
