Bitcoin is trading back above $63,000 after the Fed’s rate cut
After the Federal Reserve’s first interest rate cut in four years, Bitcoin (BTC) today moved above $63,000 for the first time since Aug. 27. Crypto stocks MARA Holdings, Inc (NASDAQ:MARA) and Coinbase Global Inc (NASDAQ:COIN) sport solid intraday gains as a result.
Plus, BTC exchange-traded fund (ETF) iShares Bitcoin Trust (NASDAQ:IBIT) is higher, up 6.4% at $36.35 at last glance. IBIT is an ETF a lot of investors are going to want to keep their eyes on, too, as the outcome of the 2024 U.S. Presidential election could have major implications for the crypto sector.
MARA was last seen 4.6% higher at $16.04. While shares are down 31.9% in 2024, they still maintain a 72.2% year-over-year lead with support from the 10-day moving average, which swept in amid a bounce from a Sept. 6 dip to their lowest level since December.
It’s worth keeping an eye on the equity’s short interest, which gained 15.9% over the last month. The 81.01 million shares sold short account for 28.1% of MARA’s available float.
Meanwhile, Coinbase stock was last seen 4.6% higher at $170.08. Sporting a more modest 1.7% year-to-date loss, COIN fell on Sept. 6 as well to touch its lowest point since February. For the last 12 month, though, shares still boast an over 122% lead.
It seems options traders found an attractive entry point amid Coinbase stock’s pullback. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), COIN’s 10-day call/put volume ratio of 2.84 sits in the highest possible percentile of readings over the last 12 months.
IBIT is relatively new to the game, debuting on Jan. 11. The ETF surged to a March 13 all-time high of $41.99, and just reclaimed support at its 80-day moving average, which moved in as resistance at the end of August. So far this quarter, IBIT has added 6.5%.