Why Are Crypto Stocks Like Coinbase, Microstrategy & Others Up Today?
Shares of Coinbase (COIN) and other crypto-related stocks marched higher as the markets opened on Monday, continuing its rally as it enters into a new week of U.S. banking crisis. There are several reasons as to why crypto stocks may be outperforming—and one of them is Bitcoin’s price reaching $28K for the first time in nine months.
Markets Rise As Banking Crisis Averted
Following the forced takeover of Credit Suisse by UBS, orchestrated by the Swiss government as part of a global effort to suppress the brewing banking crisis, the Dow Jones Industrial Average increased on Monday.
The Dow rose 366 points, which is equivalent to a 1.1% gain. In the meantime, the S&P 500 had a gain of 0.6%, while the Nasdaq 100 experienced an increase of 0.25%.
Crypto Stocks Soar
Shares of crypto-linked companies were found rallying, as Bitcoin surged on March 19 to surpass the $28,000 level — marking a 19% boost in the past seven days, according to CoinGape’s crypto market tracker. Shares of the top trading platform Coinbase increased by roughly 2% at $75.68, continuing its upward trend after reaching a peak of $74 on Friday.
Read More: Why Chinese Crypto Coins May Skyrocket In Coming Weeks?
The share price of both Marathon Digital Holdings and Riot Platforms, two of the most well-known companies in the cryptocurrency mining industry, increased by 1% and 5.45% respectively. Meanwhile, shares of Hut 8 Mining Corp. increased by an astounding 4% to $2.67, while Microstrategy registered gains of 3.5% over the same time period.
Bitcoin Price Action
Over the past 24 hours, the price of Bitcoin has increased by 2.50%, which has positioned the crypto king above $28,000. Earlier today, the price of Bitcoin traded above $28,500, reaching its highest levels since the widening crypto market crisis in June of last year.
The flagship cryptocurrency commenced its upward trajectory from mid of March, after remaining largely flat-lined and even dipping below $19,000 at times during the widespread fear generated by the U.S. banking crisis. However, as things stand, the price of Bitcoin is currently exchanging hands at $28,310 representing a gain of 1% in the past one hour at the time of writing.
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