$BTC is hovering around that $52,000 mark after a broad cryptocurrency rally that saw $ETH the second-biggest token, advance back to where it was before the TerraUSD stablecoin collapsed almost two years ago.
Bitcoin’s almost 23% year-to-date gain has helped to lift the market capitalization of digital assets above $2 trillion for the first time since April 2022. With this crypto boom shares of Coinbase Global Inc. jumped 13% in the extended session Thursday after the crypto-trading platform swung to a quarterly profit. They reported revenue well above Wall Street expectations, benefiting from risk on markets.
Coinbase earned $273 million, or $1.04 a share, in the fourth quarter, versus a loss of $557 million, or $2.46 a share, in the year-ago quarter.
We have also seen venture investors returning the space. Venture funding for crypto-related companies in the fourth quarter of 2023 totaled $1.9 billion, a 2.5% increase from the prior quarter. It marks the first time that venture VC investments in crypto startups have risen since the March quarter of 2022. There is a lot of good news right now and I think we may see some momentum in the short term so long as the broader asset markets continue their current trajectory.