Shares of companies linked to cryptocurrencies advanced on Tuesday, as Bitcoin briefly surpassed $35 000. Trading platform Coinbase Global and Bitcoin holder MicroStrategy gained 6.3% and 13%, respectively. Miners Marathon Digital Holdings and Riot Platforms each gained more than 10% on the day.
We believe the crypto sector is coming upon an inflection point that will lead, in any of our scenarios, to increasing volatility in crypto-linked stocks,” Needham analyst John Todaro wrote in a note, pointing to the upcoming quadrennial event called “the Halving,” as well as a potential Bitcoin ETF as a catalyst. On Monday, a federal appeals court formalised a victory for Grayscale Investments LLC in its bid to create an ETF based on Bitcoin.
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