BKKT - Cryptocurrency stocks rally as Bitcoin surges past $41800

2023-12-04 05:45:31 ET

Shares of cryptocurrency-linked stocks in the U.S. are experiencing an uptick as Bitcoin reaches its highest levels since April 2022. On Monday, Bitcoin ( BTC-USD ) surged to a peak of $41,800, reflecting a 6% increase . This surge was driven by traders' growing confidence in the Federal Reserve implementing interest rate cuts sooner than initially anticipated.

Coinbase ( NASDAQ: COIN ) witnessed an 8% increase , HIVE ( NASDAQ: HIVE ) surged by 11% , and MicroStrategy ( NASDAQ: MSTR ) experienced a positive market sentiment with a 9% rise . RIOT Platforms ( NASDAQ: RIOT ) stood out with an impressive surge of 13% , while CleanSpark ( NASDAQ: CLSK ), Bakkt Holdings ( NYSE: BKKT ), and Marathon Digital ( NASDAQ: MARA ) significantly contributed to the upward trend, each posting growth of more than 15% . Bitfarms ( NASDAQ: BITF ) secured a 9% increase, and Bit Digital ( NASDAQ: BTBT ) saw an 8% rise amid the broader market enthusiasm.

After a prolonged wait of 19 months, Bitcoin rally was further fueled by growing optimism surrounding the imminent approval of ETF applications designed to track the top cryptocurrency's price and trade on exchanges. Bloomberg analysts anticipate the Securities and Exchange Commission approving these ETFs as early as January.

Looking at the Bitcoin's performance so far this year, It has surged approximately 150% .

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