) is ahead just shy of 11% to its highest price since the Merge, leading a broad rally in cryptocurrencies and related stocks.
Among names on the move are Coinbase and MicroStrategy – each up 10%. Many of the crypto miners are doing even better, with Hut 8 , Bitfarms , Marathon Digital and Riot Blockchain higher by 11%-18%. Crypto is rallying alongside traditional equity markets, with the Nasdaq higher by 1.6% and S&P 500 by 1.1%. At play is the idea that the Fed is nearing the end of its rate hike cycle, and both bond yields and the dollar are sharply lower in Tuesday trade.
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