Bitcoin Nears $80,000 Mark, Fueling Crypto Stock Surge
Crypto stocks are gaining momentum as Bitcoin approaches the $80,000 mark. The cryptocurrency has climbed more than 9% in early trading and briefly reached its highest level since mid-May.
Several companies related to cryptocurrencies and blockchain technology have seen a significant increase in their stock prices. Coinbase Global rose by 5%, while Strategy added 5%. Retail trading platform Robinhood Markets jumped over 7%.
Cryptocurrency mining companies also saw an upward trend, with Riot Platforms Inc increasing by 4%, Mara Holdings rising by 4%, Bit Digital climbing 3%, and Hut 8 advancing 5%. Canaan, a Bitcoin mining machine maker, surged 18%, while stablecoin issuer Circle Internet gained 7%.
Exchange-traded funds tracking Bitcoin also saw an increase. ProShares Bitcoin Strategy ETF and iShares Bitcoin Trust ETF both rose by more than 5%.