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Marathon Digital, Coinbase Lead Bounce for Crypto-Related Stocks
Modest gains across cryptocurrencies were enough to jump start a rally in the beaten-down shares.
Updated Jan 9, 2023, 9:18 p.m. Published Jan 4, 2023, 9:43 p.m.
After a disastrous 2022 in which 80%-90% declines were the norm, many cryptocurrency-related stocks are in the green early in 2023 after big advances on Wednesday.
The largest gainer among the major names was bitcoin miner Marathon Digital (MARA), which rose 24% today. Among other miners, the rebranded Riot Platforms (RIOT) – which began the year by exorcising the term "blockchain" from its name – was higher by 15%.
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Crypto exchange Coinbase (COIN) gained 12.2%, helped by the general rally and by removing a regulatory overhang with an agreement to pay a $50 million fine to the New York Department of Financial Services.
Checking cryptocurrencies themselves, bitcoin (BTC) made a brief run at $17,000 before falling back to the current $16,800, up only a hair for the day. Ether (ETH) gained 3%, Binance coin (BNB) added 4.6%, dogecoin (DOGE) 2.6%, and Cardano's ADA 5.2%.
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Read more: Cathie Wood Buys More Coinbase Shares on the Cheap
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Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
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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