Yahoo Finance Trending tickers: Bitcoin | Marathon Digital | Rivian | SmileDirectClub
Bitcoin (BTC-USD)
Bitcoin's price and other cryptocurrencies like Solana (SOL-USD) and Ether (ETH-USD) kicked off October on the ascent. Bitcoin was at its highest level since mid-August, surging around 4% to trade at above $28,300 (£23,289).
The market has been supported in recent weeks by positive news about potential approval of spot ETFs in the US.
Read more: LIVE: FTSE and European markets up after damning China growth forecast by World Bank
October has also been historically a good month for cryptos, being labelled "uptober" by some market watchers — although past performance isn't an indication of what the future will hold, even in this wild market.
Marathon Digital (MARA) — and Riot (RIOT)
Stocks associated with crypto have also caught the rising tide of sudden optimism. Bitcoin miners Marathon Digital and Riot looked set to open 6.6% higher and 7.1% higher respectively.
Riot and Marathon Digital tend to move in tandem.
Rivian (RIVN)
Electric carmaker Rivian stock looked set to continue rising on Monday after a 17.9% five-day rise last week. The reason investors are excited is an upgrade from analysts at Baird.
The stock was trading 3.8% higher in premarket on Monday.
Read more: Stocks that are trending today
Baird got behind Rivian after it said it had produced 14,000 vehicles last quarter, up from 4,400 the year before and zero vehicles in 2021. Alongside this increase, it clocked an operating loss of $2.7bn.
SmileDirectClub (SDC)
SmileDirectClub looks set to open nearly 60% lower when the US markets kick into gear later on Monday after news broke over the weekend that it has filed for Chapter 11 bankruptcy.
A Chapter 11 allows a company to continue operating while it works out a way to repay its creditors.
The company's founders are set to reinvest $20m into the company in order to revive it, a statement said, after it continued to struggle to turn a profit. Over the last few years it has also been embroiled in a patent battle.
The company, which makes plastic mouth guards which straighten teeth, listed $499m in assets and more than $1bn in liabilities in the petition. Its 2019 IPO had valued the company at $8.9bn.
Watch: Why SmileDirectClub's main focus is investing in 'growth initiatives'
Download the Yahoo Finance app, available for Apple and Android.
