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%