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▲ Circle (CRCL), Coinbase (COIN), Bitmain (BMNR), Strategy (MSTR), Cryptocurrency Stocks/AI Generated Image
US crypto-related stocks are attracting investor attention ahead of earnings announcements, policy variables, and Bitcoin (Bitcoin, BTC) trends. Circle (CRCL), Coinbase (COIN), Bitmain (BMNR), and Strategy (MSTR) have been presented as key stocks to watch this week.
CoinGape reported on May 10 (local time) that crypto-related stocks have risen in the last 24 hours, with investors closely monitoring earnings updates and policy changes. The upcoming vote on the US crypto market structure bill in the Senate Banking Committee on May 14 was also mentioned as a factor improving investor sentiment for crypto-related stocks.
Circle's stock price rose 0.37% amidst news related to US regulations. CoinGape reported that there were reports that the draft US crypto market structure bill could be used to restrict profit payments to stablecoin holders. This could act as a limiting factor for USDC issuer Circle's growing product line. If buying momentum continues, Circle could test $120 after $115, and if there is a strong uptrend, it could rise to $125-$130. A forecast also suggested that if selling pressure intensifies in the short term, it could retrace to $115.
Coinbase's stock price recorded $201.16, up 4.25% amidst earnings announcement issues. Coinbase has already completed its Q1 earnings announcement and has re-emerged as a stock of interest ahead of its next earnings. Market expected revenue was presented as $717.13 million, and Zacks Rank mentioned it as a Grade 3, corresponding to a 'Hold'. If buying momentum strengthens, Coinbase could head towards the $205-$210 range, but if investor enthusiasm wanes, it is likely to remain at its current level.
Bitmain's stock price recorded $22.17, up 0.77%. Investors are closely watching Bitmain's recent corporate activities. The company recently canceled a shelf registration of $11.03 million and began to fill its Ethereum (Ethereum, ETH) treasury strategy. It also increased its share repurchase limit to $4 billion and listed its shares on the New York Stock Exchange, increasing market interest in its crypto-centric strategy. This week, investors are viewing $20 as a potential support level, and if bulls defend this level, Bitmain's upward trend and market interest could continue.
Strategy's stock price closed at $187.59, up 4.31%, and rose to $188.70 in after-hours trading. Strategy's management stated that they generated approximately $5 billion in Bitcoin revenue this year. Michael Saylor hinted at the possibility of additional Bitcoin purchases, reigniting investor interest in its financial strategy.
Strategy's first breakout level was presented as $190. If it breaks above this level, opportunities could open up near $195 and $200, and if momentum continues, it could test $205 later this week. Conversely, downside support levels were presented as $186.99, $185, and $179.84, and CoinGape stated that failing to hold $185 could be a signal of a breakdown in the bullish structure.
This week's trend in crypto-related stocks is expected to be driven by earnings announcements, regulatory clarity, and Bitcoin strength. CoinGape reported that investors are closely monitoring key support levels, breakout levels, and fund execution related to financial activities to determine whether Circle, Coinbase, Bitmain, and Strategy will continue their uptrend and the potential for profit-taking.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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