© Reuters. Crypto Stocks Rebound as BTC Rebounds
Shares of cryptocurrency stocks Marathon Digital Holdings (NASDAQ 🙂), Cipher Mining (NASDAQ 🙂, Microstrategy, Inc. (NASDAQ 🙂), Coinbase (NASDAQ 🙂 and Riot Platforms (NASDAQ 🙂) are rising on Wednesday as the price of bitcoin recovers after a fall on Tuesday.
The leading cryptocurrency is currently up 2% on Wednesday after a drop of more than 6% on Tuesday. Bitcoin hit a new all-time high on Tuesday after breaching the $69,000 threshold before seeing a sharp correction. At 07:50 am ET today, it is trading near the $65,500 mark.
This has helped boost the cryptocurrency stock price in pre-market trading. MARA is up 4%, Cipher mining is up 3.5%, MSTR is trading 7.8% higher, Coinbase is up 4.6%, and RIOT is up 4.2%.
Following bitcoin's rally, analysts at Bernstein said in a recent note that while the gains “can be attributed to ETF flows, the market simply isn't stopping on Bitcoin.”
The firm expects the market recovery to be “broad, with DeFi leading the way.”
