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Crypto Stocks Gain as Bitcoin Tops $72K for First Time Since March
Crypto-related companies looked set to start the week on a positive note.
U.S. crypto-related stocks looked set to start the week on a positive note after bitcoin (BTC) climbed through $72,000 for the first time since mid-March as its reward halving draws closer.
Coinbase (COIN), the only U.S. traded crypto exchange, added 4.9% in pre-market trading, MicroStrategy (MSTR), the largest corporate holder of bitcoin, rose 10% and BlackRock’s bitcoin exchange-traded fund (IBIT), added around 6.5%.
STORY CONTINUES BELOW
The CoinDesk 20 Index, a measure of the broader crypto market, rose 3.1% over 24 hours.
The halving, which cuts the amount bitcoin miners are paid for adding blocks to the blockchain by 50%, is on track for April 20. After it occurs, they will be rewarded with 3.125 BTC per block.
Among miners, Marathon Digital (MARA) added 5.2% and Hut 8 (HUT), which merged with USBTC at the end of last year, gained 5.6%. Argo Blockchain (ARB), trading on the London Stock Exchange, rose 5%.
Read more: Bitcoin Halving Is a ‘Show Me the Money’ Moment for Miners
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
