BUZZ-Crypto stocks jump as bitcoin hits over 2-yr high
Bitcoin hits highest level in over 2 years, leading to a jump in crypto stocks. Cryptocurrency exchange Coinbase and blockchain farm operator Bitfarms see significant gains. Crypto miners and BTC buyer MicroStrategy also experience surges. BTC mining machine makers Ebang International and Canaan Inc show notable increases. ProShares Bitcoin Strategy ETF and other BTC-related ETFs also rise. BTC is up approximately 17% YTD.
** Cryptocurrency and blockchain-related cos jump on Mon as bitcoin hits highest levels in more than 2 years
** Bitcoin (BTC=) , world’s biggest cryptocurrency, up 4.7% at $49,776, highest since Dec 2021, while Ether (ETH=) up 2.3% $2,560.90
** Crypto exchange Coinbase Global (COIN.O) up >5%, and blockchain farm operator Bitfarms (BITF.O) up ~14% on the session
** Crypto miners climb: Riot Platforms (RIOT.O) 11%, Marathon Digital (MARA.O) 14%, Hut 8 Mining (HUT.O) 12%, Bit Digital (BTBT.O) 10%
** Shares of software firm, notable BTC buyer MicroStrategy (MSTR.O) surges 10%
** BTC mining machine makers Ebang International (EBON.O) and Canaan Inc (CAN.O) up 12% and 24%, respectively
** ProShares Bitcoin Strategy ETF (BITO.P) up 5%, while ETFs tied to spot price of BTC such as iShares bitcoin ETF (IBIT.O) , Ark 21Shares (ARKB.N) and Grayscale Bitcoin ETF (GBTC.K) all up >5%
** With move on Mon, BTC up ~17% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)