Bitcoin briefly returned above $70,000, boosting stocks related to cryptocurrencies
Bitcoin surged by 6% in late Monday trading, briefly surpassing $70,000, testing this important level for the first time since early April, breaking free from the recent downtrend. Other cryptocurrencies also rose, with Ethereum up 11.5% and Solana up over 8%. On the news front, there was no clear catalyst supporting the strong rebound in cryptocurrencies. On Monday, the bankruptcy liquidation plan of cryptocurrency lending institution Genesis was approved by the court, with the company set to return billions of dollars to its clients. This news may have boosted investors' confidence in cryptocurrencies. The rebound in cryptocurrencies on Monday also lifted related stocks: Marathon Digital rose by 15%, Bit Digital by 22%, Greenidge Generation by 15%, Riot Platforms by 9%, MicroStrategy by 9%, and Coinbase by over 8%
According to the Wise Finance APP, Bitcoin surged by 6% in trading later on Monday, briefly surpassing $70,000, testing this important level for the first time since early April, breaking free from the recent downtrend. Other cryptocurrencies also rose, with Ethereum up by 11.5% and Solana coin up by over 8%.
On the news front, there was no clear catalyst supporting the strong rebound of cryptocurrencies. On Monday, the bankruptcy liquidation plan of the cryptocurrency lending institution Genesis was approved by the court, with the company set to return billions of dollars to its clients. This news may have boosted investors' confidence in cryptocurrencies.
The rebound of cryptocurrencies on Monday also lifted related stocks: Marathon Digital (MARA.US) rose by 15%, Bit Digital (BTBT.US) rose by 22%, Greenidge Generation (GREE.US) rose by 15%, Riot Blockchain (RIOT.US) rose by 9%, MicroStrategy (MSTR.US) rose by 9%, and Coinbase (COIN.US) rose by over 8%