BTC - Bitcoin and Crypto Stocks Popped Again This Week
2024-05-17 16:32:46 ET
Some portions of the crypto market came to life this week, led by Bitcoin (CRYPTO: BTC) . The token with the largest market cap in the world was driven by a resurgence in risk-taking this week following a few weeks of uncertainty around geopolitics and the Federal Reserve's next move. All of that led Bitcoin to jump 10.1% over the past seven days as of 2:40 p.m. ET Friday.
Bitcoin's move led to some big moves among leveraged Bitcoin players. According to data provided by S&P Global Market Intelligence , Bitcoin holder MicroStrategy (NASDAQ: MSTR) was up as much as 33.6% this week before dropping slightly and trading 28.8% higher as of this writing. Miners Marathon Digital (NASDAQ: MARA) jumped 21.7% at its peak, Riot Platforms (NASDAQ: RIOT) was up 21.7%, and Hut 8 (NASDAQ: HUT) was up 19.5%. They are currently up 28.8%, 9.3%, and 13.9% for the week.
The value of Bitcoin had fallen over the last few weeks after the halving that cut the reward for mining a new Bitcoin in half. It didn't help that investors were worried the Federal Reserve would keep interest rates higher or that conflict in the Middle East and Eastern Europe continued to ramp up. Since Bitcoin trades correlated more with growth stocks than as a hedge to the Fed's moves, these uncertainties caused Bitcoin to fall.
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Bitcoin and Crypto Stocks Popped Again This Week