Crypto-related stocks have been on the rise as Bitcoin is on the rise.
Many crypto-linked stocks are trading at a higher level, from Coinbase to Hut 8. S&P 500 and Nasdaq are in the downtrend.
Crypto-Linked Stocks Rise
As Bitcoin climbs above the $19.00 level, digital asset firms are also feeling the positive impact of this.
Coinbase shares were up nearly 5%, Silvergate shares were up 3%, MicroStrategy shares were up 4.8%, Hut 8 shares were up 9% and Marathon Digital shares were up 14%.
Stephane Ouellette, CEO of FRNT Financial, said:
“We’re definitely seeing some surprising positive performance in crypto products.
All of the top 10 cryptocurrencies by market cap have gained over 10% in the last 7 days, and some assets have risen by 20%.
Also, many of these stocks have short-term interest rates that contribute significantly to accelerated movements.”
However, the S%P 500 fell 0.2%, with a marginal decline recorded on the Nasdaq side.
Regarding the market, GSR said:
“Crypto markets are splitting from equities and remain bullish as Bitcoin’s value rises.
U.S. stocks move down with financial situation leading to decline in bank earnings.
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