BUZZ-Crypto-adjacent stocks rally as bitcoin and ethereum bounce
Shares of cryptocurrency and blockchain-related firms surged on Tuesday as bitcoin and ethereum rebounded. Bitcoin rose 4.9% to $90,658.57, and Ether increased 6.2% to $2,964.34. Notable gains included Coinbase Global (4%), Bitfarms (4%), MicroStrategy (6%), Robinhood (3%), and various crypto miners and Ether-linked firms. ProShares Bitcoin Strategy ETF and iShares Bitcoin Trust ETF both rose around 5%, while iShares Ethereum Trust ETF jumped 8%.
Shares of cryptocurrency and blockchain-related firms jump early Tues, as bitcoin and ethereum bounce back on Tues Bitcoin, world’s largest cryptocurrency, fell >5% on Mon and extended recent steep losses as investors shunned risk assets
Bitcoin (BTC=) up 4.9% at $90,658.57 on Tues; Ether (ETH=) rises 6.2% to $2,964.34
Shares of crypto exchange Coinbase Global (COIN.O) rise 4% on the session, while blockchain farm operator Bitfarms (BITF.O) up 4%
BTC hoarder Strategy (MSTR.O) , formerly known as MicroStrategy, rallies about 6% on Tues On Mon, MSTR shares tumbled as much as 12% before closing down about 3% after co slashed its annual earnings targets due to the crypto slide, and said it set up a $1.4 bln reserve to support dividend payments
Retail trading platform Robinhood (HOOD.O) , which typically takes its cues from moves in the crypto market, up about 3% Crypto miners rise: Riot Platforms (RIOT.O) 2.5%, Mara Holdings (MARA.O) 5%, CleanSpark (CLSK.O) 3%, Bit Digital (BTBT.O) nearly 4%
Ether-linked names lift: BTCS (BTCS.O) 6%,
Bitmine Immersion Technologies (BMNR.A) 9% and Sharplink Gaming (SBET.O) 6%
ProShares Bitcoin Strategy ETF (BITO.P) and iShares Bitcoin Trust ETF (IBIT.O) both up around 5%, while ishares Ethereum Trust ETF (ETHA.O) leaps 8%
With moves on the session, BTC off about 4% YTD and ETH down about 11% (Lance Tupper is a Reuters market analyst. The views expressed are his own)
