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Marathon Digital, Coinbase Lead Bounce for Crypto-Related Stocks
Modest gains across cryptocurrencies were enough to jump start a rally in the beaten-down shares.
Updated Jan 9, 2023, 9:18 p.m. Published Jan 4, 2023, 9:43 p.m.
After a disastrous 2022 in which 80%-90% declines were the norm, many cryptocurrency-related stocks are in the green early in 2023 after big advances on Wednesday.
The largest gainer among the major names was bitcoin miner Marathon Digital (MARA), which rose 24% today. Among other miners, the rebranded Riot Platforms (RIOT) – which began the year by exorcising the term "blockchain" from its name – was higher by 15%.
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Crypto exchange Coinbase (COIN) gained 12.2%, helped by the general rally and by removing a regulatory overhang with an agreement to pay a $50 million fine to the New York Department of Financial Services.
Checking cryptocurrencies themselves, bitcoin (BTC) made a brief run at $17,000 before falling back to the current $16,800, up only a hair for the day. Ether (ETH) gained 3%, Binance coin (BNB) added 4.6%, dogecoin (DOGE) 2.6%, and Cardano's ADA 5.2%.
Read more: Cathie Wood Buys More Coinbase Shares on the Cheap
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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