Bitcoin Surges Past $80,000, Crypto Stocks Soar

Crypto stocks are on the rise after Bitcoin approached its highest level since mid-May. On Friday, Bitcoin surged more than 9% in early trading and briefly touched $80,000.

The surge in crypto prices had a positive impact on related stocks. Coinbase Global (COIN) gained 5%, Strategy (STRAT) added 5%, and Robinhood Markets (HOOD) jumped over 7%. Cryptocurrency mining companies also saw an increase, with Riot Platforms Inc (RIOT) rising 4% and Mara Holdings (MARQ) increasing by the same amount.

Other notable gainers include Bit Digital (BTBT), which climbed 3%, and Hut 8 (HUT), which advanced 5%. Canaan (CAN), a manufacturer of Bitcoin mining machines, saw an impressive surge of 18%.