Cryptocurrency stocks rally as bitcoin briefly hits US$35,000

Trading platforms Coinbase and MicroStrategy advanced 6.3% and 13%, while miners Marathon Digital and Riot Blockchain each saw over 10% gains.

HONG KONG: Shares of companies linked to cryptocurrencies advanced on Tuesday, as Bitcoin briefly surpassed US$35,000. Trading platform Coinbase Global Inc and Bitcoin holder MicroStrategy Inc gained 6.3% and 13%, respectively. Miners Marathon Digital Holdings Inc and Riot Platforms Inc each gained more than 10% on the day.

As the largest digital asset based on market value strengthens to a level last seen in 2022 on optimism for the first spot Bitcoin exchange-traded fund to potentially get US approval, shares of miners and other companies exposed to the digital token are rallying.

Bitcoin rose 7.1% to US$33,777.74 as of 4:08pm New York time, after surpassing US$35,000 earlier in the session. On Monday, a federal appeals court formalised a victory for Grayscale Investments LLC in its bid to create an ETF based on Bitcoin.Subscribe to our newsletter and get news delivered to your mailbox.

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