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Cryptocurrency Stocks Extend Rally as Bitcoin Tops $35,000 - BLOOMBERG

OCTOBER 26, 2023

BY  Bre BradhamBloomberg News


(Bloomberg) -- Shares of companies linked to cryptocurrencies advanced on Tuesday, as Bitcoin briefly surpassed $35,000. 

Trading platform Coinbase Global Inc. and Bitcoin holder MicroStrategy Inc. gained 6.3% and 13%, respectively. Miners Marathon Digital Holdings Inc. and Riot Platforms Inc. each gained more than 10% on the day.  

As the largest digital asset based on market value strengthens to a level last seen in 2022 on optimism for the first spot Bitcoin exchange-traded fund to potentially get US approval, shares of miners and other companies exposed to the digital token are rallying. The group is advancing for a second day after Bitcoin surpassed the $31,000 level on Monday.

“We believe the crypto sector is coming upon an inflection point that will lead, in any of our scenarios, to increasing volatility in crypto-linked stocks,” Needham analyst John Todaro wrote in a note, pointing to the upcoming quadrennial event called “the Halving,” as well as a potential Bitcoin ETF as a catalyst.

Bitcoin rose 7.1% to $33,777.74 as of 4:08 p.m. New York time, after surpassing $35,000 earlier in the session. On Monday, a federal appeals court formalized a victory for Grayscale Investments LLC in its bid to create an ETF based on Bitcoin.

Read More: Bitcoin Hits $35,000 for First Time Since 2022 on ETF Optimism

Crypto-linked stocks have rallied this year, bouncing after a 2022 downturn as Bitcoin declined.

(Updates stock moves at market close.)


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