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Bitcoin-Related Companies Show Pre-Market Gains as BTC Nears $46K
U.S.-listed companies rode bitcoin's bullish momentum to show significant gains in pre-market trading, including COIN, MSTR, MARA and RIOT.
Updated Mar 8, 2024, 7:16 p.m. Published Jan 2, 2024, 10:29 a.m.
Shares of prominent bitcoin-adjacent companies rose in pre-market trading on Tuesday as the world's largest cryptocurrency started 2024 by surpassing $45,000 for the first time in 21 months.
Bitcoin [BTC] has added more than 7% in the last 24 hours to about $45,600, the highest level since the start of April 2022. U.S.-traded companies such as crypto exchange Coinbase (COIN), software developer MicroStrategy (MSTR) – which owns a large number of bitcoin – and mining firms Marathon Digital (MARA) and Riot Blockchain (RIOT) rode the bullish momentum to show significant gains in pre-market trading.
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Coinbase is up 6.34% at $184.95 at the time of writing, while MicroStrategy is up over 9% at $689.84. Marathon and Riot both added more than 10%.
Bitcoin's latest surge indicates ever-increasing anticipation of a spot BTC exchange-traded fund (ETF) being listed in the U.S. A Reuters report on Dec. 30 suggested that the Securities and Exchange Commission (SEC) could notify ETF sponsors as early as Tuesday that their applications would be approved.
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Read More: BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF
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Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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