Crypto Stocks Soar as Bitcoin Rallies to Retake $20K
Bitcoin (BTC) has risen nearly 5% to above $20,000 for the first time in about three weeks, and ether (ETH) is ahead just shy of 11% to its highest price since the Merge, leading a broad rally in cryptocurrencies and related stocks.
Among names on the move are Coinbase (COIN) and MicroStrategy (MSTR) – each up 10%. Many of the crypto miners are doing even better, with Hut 8 (HUT), Bitfarms (BITF), Marathon Digital (MARA) and Riot Blockchain (RIOT) higher by 11%-18%.
Crypto is rallying alongside traditional equity markets, with the Nasdaq higher by 1.6% and S&P 500 by 1.1%. At play is the idea that the Fed is nearing the end of its rate hike cycle, and both bond yields and the dollar are sharply lower in Tuesday trade.