BUZZ-Crypto stocks rally as Bitcoin pushes past $40,000 on rate cut, ETF optimism
Shares of cryptocurrency and blockchain-related companies surge as Bitcoin surpasses $40,000, driven by expectations of spot Bitcoin ETF approval and optimism regarding US interest rate cuts. Bitcoin and Ether both experience gains, while companies like Coinbase Global, Bitfarms, and MicroStrategy also see significant increases in their stock prices. The ProShares Bitcoin Strategy ETF also rises. Bitcoin has risen 152.6% this year, signaling a positive turnaround in the crypto market.
** Shares of cryptocurrency and blockchain-related companies jump in premarket trading as Bitcoin crosses $40,000 for the first time this year on anticipation around the imminent approval of spot Bitcoin exchange-traded funds and optimism around U.S. interest rate cuts
** Bitcoin (BTC=BTSP) , the world’s biggest cryptocurrency, up 4.0% to $41,599, while Ether (ETH=BTSP) rises 2.7% to $2,253.1
** Crypto exchange Coinbase Global (COIN.O) rises 10.0%, while Blockchain farm operator Bitfarms (BITF.O) up 13.3%
** Crypto miners: Riot Platforms (RIOT.O) , Marathon Digital (MARA.O) , Hut 8 Mining (HUT.O) and Bit Digital (BTBT.O) add between 13.7%-16.6%
** Software firm and BTC buyer MicroStrategy (MSTR.O) gains 8.4% and BTC mining machine maker Canaan (CAN.O) up 11.9%
** The ProShares Bitcoin Strategy ETF (BITO.P) adds 7.5%
** Bitcoin has risen 152.6% so far this year, supported by a sharp rally since October on hopes that a spot bitcoin ETF could allow previously wary investors access to crypto via the stock market
** “The crypto winter appears to be well and truly over with positive price action coming back into play off the lows around a year ago. However, there is still a long upward climb ahead to retest the pandemic fueled highs from 2021,” says Victoria Scholar, head of investment at Interactive Investor