Coinbase, MicroStrategy jump most among crypto stocks as bitcoin reclaims $23K

After a troubling start to August, it appears that investors' risk tolerance is widening as Coinbase Global (NASDAQ:COIN), MicroStrategy (NASDAQ:MSTR) and other crypto-related stocks are grinding higher in Wednesday afternoon trading as bitcoin (BTC-USD) bounces. Bitcoin (BTC-USD), the world's largest digital token by market cap, is perking up 2.3% to $23.51K as of around 3:00 p.m. ET. And ethereum (ETH-USD) is rising 1.9% to $1.66K over the past 24 hours. As some view bitcoin (BTC-USD) as a leading indicator of risk sentiment, it's not surprising that all three major U.S. stock indices are deep in the green, led by the tech-heavy Nasdaq (COMP.IND) +2.7%. For a purely technical perspective, bitcoin (BTC-USD) is changing hands above its 200-day weekly moving average -- standing at around $22.9K at the time of writing -- suggesting that renewed interest in the crypto market is taking hold. In addition, bitcoin-focused funds last week experienced inflows of $85M, while short-bitcoin funds saw outflows of just $2.6M, GlobalBlock analyst Marcus Sotiriou wrote in a note, citing data from CoinShares. "This is the first week of outflows for the short-Bitcoin product after a 5-week run of inflows," he added. SkyBridge Capital Founder Anthony Scaramucci, meanwhile, sees bitcoin's (BTC-USD) fair market value at nearly $40K, implying a jump of roughly 70% from current levels, according to a report by MarketWatch on August 2. Recall during...