Singapore markets open in 4 hours 50 minutes

  • Straits Times Index

    3,204.82
    +2.01 (+0.06%)
     

  • S&P 500

    4,320.06
    -9.94 (-0.23%)
     

  • Dow

    33,963.84
    -106.56 (-0.31%)
     

  • Nasdaq

    13,211.81
    -12.19 (-0.09%)
     

  • Bitcoin USD

    26,464.20
    -151.51 (-0.57%)
     

  • CMC Crypto 200

    565.87
    -2.18 (-0.38%)
     

  • FTSE 100

    7,683.91
    +5.29 (+0.07%)
     

  • Gold

    1,944.90
    -0.70 (-0.04%)
     

  • Crude Oil

    90.33
    +0.30 (+0.33%)
     

  • 10-Yr Bond

    4.4380
    -0.0420 (-0.94%)
     

  • Nikkei

    32,402.41
    -168.59 (-0.52%)
     

  • Hang Seng

    18,057.45
    +402.05 (+2.28%)
     

  • FTSE Bursa Malaysia

    1,450.23
    +2.02 (+0.14%)
     

  • Jakarta Composite Index

    7,016.84
    +25.37 (+0.36%)
     

  • PSE Index

    6,142.79
    +48.08 (+0.79%)
     

Cryptocurrency-exposed stocks gain as Bitcoin tops $30K

Investing.com
·1-min read

By Scott Kanowsky

Investing.com -- Shares in cryptocurrency-exposed stocks rose on Tuesday, as Bitcoin surged above $30,000 for the first time since June 2022.

Crypto miners Riot Platforms (NASDAQ:RIOT) and Marathon Digital Holdings Inc (NASDAQ:MARA), as well as Bitcoin investor MicroStrategy Incorporated (NASDAQ:MSTR) and digital coin exchange platform Coinbase Global Inc (NASDAQ:COIN) all gained more than 2% in premarket U.S. trading.

The world's largest cryptocurrency was 6.16% higher at $30,052.3 by 08:28 ET (12:28 GMT), while peers Ethereum, Binance Coin and Ripple also jumped. The moves helped lift the total crypto market capitalization to $1.4 trillion.

Bitcoin has increased by roughly 80% this year, far outperforming other asset classes. Its latest rally comes amid a broader improvement in sentiment as markets began pricing in the potential for a limited number of interest rate hikes by the Fed in the coming months, especially as the U.S. economy cools further.

A less hawkish Fed bodes well for Bitcoin and other cryptocurrencies after a sharp uptick in borrowing costs wiped out over two-thirds of the crypto market's total capitalization last year.

Meanwhile, Bitcoin has been on a tear over the past month, as the token attracted some safe haven plays due to concerns over a broader collapse in the financial services industry.

Related Articles

Cryptocurrency-exposed stocks gain as Bitcoin tops $30K

Glencore sweetens takeover bid for Canadian miner Teck Resources

Softbank’s Masayoshi Son Set To Sign Off On Nasdaq Listing For Arm - FT