Monday marked a day of mixed results for the cryptocurrency industry. Stocks such as Coinbase (NASDAQ: CURRENCY), Microstrategy (NASDAQ:MSTR) and Riot Blockchain (NASDAQ: MOVEMENT) saw significant gains, while other companies, including the Latin American exchange Airtm, had a less positive story to tell.
Jefferies analyst Trevor Williams gave Coinbase a hold rating, noting that it was one of the more viable prospects to endure a potential downturn in the market. The firm has a strong balance sheet, with over five billion dollars in cash, and is taking a leading edge approach to regulatory compliance. This could help the company avoid issues with regulators.
At the same time, New York recently announced restrictions on cryptocurrency mining, which could reduce the supply of certain coins and thus increase their value. Crypto-firms are already registering their operations in the state in order to get around the restrictions.
Investor sentiment on the stocks is mixed, though some are seen as having potential for growth. Analysts rate Microstrategy as a moderate buy, with the potential for 172.74% upside based on a $477.33 share price. Marathon Digital is also seen as a moderate buy, with 205.5% upside potential, priced at $15 per share.
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