Why Are Bitcoin- And Ethereum-Related Stocks Soaring Today?
Cryptocurrency-related stocks, including Coinbase Global Inc COIN+8.95%, Marathon Digital Holdings Inc MARA+17.6% and Riot Blockchain Inc RIOT+11.3%+, are trading lower Tuesday amid strength in cryptocurrencies, led by Bitcoin and Ethereum.
The crypto market has been trending lower amid a selloff in broader risk assets, but crypto bounced off the lows last week and has since staged a recovery. Bitcoin has traded higher by nearly 15% over the last week, while Ethereum has surged by more than 40%.
Coinbase is the leading cryptocurrency exchange platform in the United States. The stock was up 9.89% at $64.22 at time of publication, according to data from Benzinga Pro.
Marathon Digital is focused on mining digital assets. The company announced a five-year hosting agreement with Applied Blockchain Inc APLD+52.6%+ on Monday. Marathon Digital shares were up 14.6% at $11.17 at press time. Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was up 9.72% at $6.82 at time of publication.
$BTC, $ETH Price Action: At press time, Bitcoin was up 2.86% over a 24-hour period at $22,877 and Ethereum was up 2.64% over a 24-hour period at $1,525.64.
By Adam Eckert, Benzinga Staff Writer