Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Crypto Stocks Jump as Bitcoin, Other Digital Assets Show Strength

Published 01/10/2021, 15:12
Updated 01/10/2021, 15:12
© Reuters.

© Reuters.

By Dhirendra Tripathi

Investing.com – Shares of crypto- and blockchain-linked companies rose Friday as Bitcoin (BitfinexUSD) and several other digital currencies clocked double-digit gains.

Marathon Digital (NASDAQ:MARA), Bit Digital (NASDAQ:BTBT) and Hut 8 Mining (TSX:HUT_t) were all up around 7%. MicroStrategy (NASDAQ:MSTR), one of the biggest Bitcoin investors among listed companies, rose 6%, and Riot Blockchain (NASDAQ:RIOT) gained 5%. Crypto-exchange Coinbase Global (NASDAQ:COIN) was up 2.6% while ADRs of Argo Blockchain (NASDAQ:ARBK) were up 4%

The moves came as Bitcoin jumped 12% and neared the $48,000-mark. It gave up some of the gains later but still traded 9% higher, above $47,000.  

Other digital currencies like Ethereum ETH/USD, Binance BNB/BTC, Polkadot pDOTn/USD, Solana SOL/USD and Terra LUNAt/USD all traded with double-digit gains.

Joseph Edwards, head of research at Enigma Securities in London, told Reuters that spiking volumes on crypto derivatives exchanges could be behind the latest strength in crypto assets. Derivatives trading often influences spot prices in bitcoin markets.

Cryptocurrencies have surprised pundits once more, showing resilience in recent times and ignoring adverse policy steps by countries. Just over a week ago, People’s Bank of China reiterated its long-held view that all digital currency activities are illegal while pledging to crack down on the market.

It wasn’t the first time China talked tough on cryptocurrencies. Beijing cracked down on cryptos earlier in June, forcing many mining bases to shut. Before that, China accounted for more than half of global Bitcoin mining production.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.