Share this article
Crypto Stocks Rise as Bitcoin Plows Through $59K for First Time Since 2021
Gains among exchange-traded funds were led by BlackRock's IBIT.
Updated Mar 8, 2024, 10:17 p.m. Published Feb 28, 2024, 12:59 p.m.
U.S. crypto-related stocks rose in pre-market trading Wednesday as bitcoin barreled through $59,000 for a fifth straight day of gains.
The 4.8% advance over 24 hours took the largest cryptocurrency by market value to the highest level since November 2021 and left it about 14% below its record high of around $69,000. The broader crypto market also advanced, with the CD20 adding 3.5%.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Coinbase (COIN), the only U.S. traded crypto exchange, added 3.9% after touching a 52-week high of $209.94 on Tuesday. MicroStrategy (MSTR), the largest corporate holder of bitcoin, rose 7.5%. The software developer said Monday it bought another 3,000 BTC, taking its total stash to 193,000. BlackRock’s bitcoin exchange-traded fund (IBIT), added around 3.9%, the most among the spot bitcoin ETFs approved last month.
Advertisement
Gains among miners were led by Marathon Digital (MARA) and Mawson Infrastructure (MIGI), which both added 6.1%. HUT 8 (HUT), which yesterday said it will start selling its bitcoin stash to finance corporate growth, advanced 3%.
More For You
More For You
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.
Top Stories
