Bitcoin's surge gives a boost to crypto-related stocks
Shares of companies in the cryptocurrency business rallied Monday to snap losing streak, as they got a boost from bitcoin's big gain. Marathon Digital Holdings Inc.'s stock (MARA) jumped 4.4%, Riot Platforms Inc. shares (RIOT) rose 4.3%, Coinbase Global Inc. shares (COIN) climbed 2.4% and MicroStratgy Inc.'s stock (MSTR) advanced 2.9%. Marathon, Coinbase and MicroStrategy shares were on track to snap three-day losing streaks while Riot shares were headed for their first gain in five sessions. Bitcoin futures (BTCUSD) ran up 3.7%, amid a growing possibility that the Securities and Exchange Commission will soon approve the first spot bitcoin ETF, as Barron's reported. The rallies come as futures (ES00) for the S&P 500 edged up 0.4%.
-Tomi Kilgore
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10-16-23 0812ET
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