Bitcoin Surges Past $70K Amid Bullish Bernstein Report
Bitcoin has surged past $70,000, reaching a peak of $70,800 amid recent trading activity. After a slight decline earlier in the day, the cryptocurrency saw an increase of 0.5% within a 24-hour period. Meanwhile, other cryptocurrencies such as Ethereum, XRP, and Solana also experienced modest gains, highlighting a positive trend across risk assets.
Market Overview
On Monday, major stock indices showed gains, with the Nasdaq up 1% and the S&P 500 increasing by 0.5%. Gold prices rose 1.9% to $5,075 per ounce, while silver saw a notable increase of 7.4%, reaching $82.50 per ounce.
Insights from Bernstein
Bernstein analyst Gautam Chhugani expressed that the current market represents “the weakest bitcoin bear case in its history.” The firm maintained a bullish year-end price target for Bitcoin at $150,000. Chhugani noted that past crises in confidence have not materialized, suggesting a stable outlook for the cryptocurrency.
Mining Insights
Jim Ferraioli from Schwab emphasized the importance of monitoring bitcoin miners to assess market bottoms. He stated that previous sell-offs typically reached their lows near bitcoin’s production costs. Notably, bitcoin mining difficulty has recently decreased significantly, indicating that some miners have temporarily ceased operations due to declining prices.
Performance of Crypto Stocks
- Bullish (BLSH): +14.2%
- Galaxy Digital (GLXY): +8.2%
- Circle Financial (CRCL): +5.1%
- MicroStrategy (MSTR): +3%
- Coinbase (COIN): +1%
Additionally, bitcoin miners adapting to AI infrastructure reported substantial gains. TeraWulf (WULF) and Cipher Mining (CIFR) received favorable coverage from Morgan Stanley, boosting their stocks by 14%. Other notable performers include Hut 8 (HUT), IREN (IREN), and Bitfarms (BITF), each increasing by around 7%.
