From Nasdaq: 2024-04-26 12:58:29

Bitcoin and other cryptocurrencies saw a sharp decline due to U.S. economic data showing higher inflation and slower growth in Q1 2024. U.S. GDP growth was 1.6%, below the expected 2.5%, and the GDP price index was 3.1%, higher than anticipated. Bitcoin briefly fell below $63,000 before recovering to around $63,700. Ethereum also dropped 4% to $3,100.

Riot Platforms plans to expand its mining capacity significantly in 2024, aiming to increase its hash rate from 12.4 EH/s to over 28 EH/s. RIOT has experienced notable gains recently, rising 46% amidst rising short interest, potentially hinting at a short squeeze.

Coinbase, a leading cryptocurrency exchange platform, follows a close price correlation with Bitcoin and is forecasting a continued increase in total cryptocurrency market capitalization for 2024. A recent $1.3 billion transaction involving USD Coin being transferred to Coinbase is seen as a strong buy signal for BTC and ETH.

MicroStrategy, known for its substantial Bitcoin investments, faces a challenge with the introduction of spot Bitcoin ETFs, potentially providing simpler and cheaper access to Bitcoin. However, MSTR owns approximately 190,000 bitcoins with a market value far exceeding their cost basis, suggesting the potential for significant growth later in the year.

Read more at NASDAQ: Halving Event Aftermath: The 3 Hottest Crypto-Related Stocks to Watch Right Now