Crypto Company Shares Soar as Bitcoin Prices Rise. Stocks related to cryptocurrencies listed in the United States (US) soared on Monday (4/12/2023) when Bitcoin broke its highest level of 40,000 US dollars.
Shares of companies whose fortunes are tied to cryptocurrencies have rallied in recent weeks, driven by optimism about potential interest rate cuts in the US as well as traders betting on the approval of Bitcoin funds traded on the US stock market in the near future.
Coinbase shares jumped by 7.5 percent as Bitcoin hit its highest level.Previously, Coinbase shares had also rallied nearly 62 percent in the last month, even as the crypto exchange reported a decline in third-quarter trading volume.
Bitcoin investor Microstrategy, which bought $593 million worth of Bitcoin last month, rose 8.2 percent.Besides that. Bitcoin miners like Riot Platforms, Marathon Digital, and CleanSpark jumped between 10.3 percent to 18.8 percent each, adding to double-digit gains in November 2023.
Crypto Company Shares Soar. Then the ProShares Bitcoin Strategy ETF, which tracks Bitcoin futures, also rose 7.7 percent and looks set to hit its highest level in a year.
