Crypto-related stocks rise as bitcoin bounces back
IBIT•Bitcoin rose 3.3% to $80,374.82 after briefly touching a seven-week low, and most cryptocurrency-related stocks also gained. Coinbase rose 3%, Strategy jumped 6% and Riot Platforms advanced 14%.
1. Bitcoin recovers
Bitcoin rose 3.3% to $80,374.82 after briefly touching a seven-week low overnight. The earlier decline was triggered by Democratic midterm wins, viewed as a potential blow to an industry seeking faster deregulation for digital assets. Confidence in cryptocurrencies was also dented by last week’s $6 billion hack of Binance.
2. Crypto stocks move higher
Coinbase Global gained 3%, Strategy rose 6% and Robinhood Markets advanced 2%. Riot Platforms climbed 14% and Bit Digital rose 2%, while Mara Holdings fell 3%. Circle Internet gained 1% after posting a third-quarter revenue beat driven by its ARC token presale.
3. Other market moves
ProShares Bitcoin Strategy ETF and iShares Bitcoin Trust each rose nearly 4%. Ether gained 6.4% to $2,482.05, while Bitmine Immersion Technologies and Sharplink Gaming rose 8% and 9%, respectively. American Bitcoin gained more than 2%, while Hut 8, its majority owner, fell 18%.
