November was an amazing month for the stock market, which managed to claw back its losses from the previous couple of months. Over the weekend, Bitcoin climbed to its best levels in more than a year and a half, briefly moving above $42,000. Below, we'll look at why Coinbase Global (NASDAQ: COIN) and MicroStrategy (NASDAQ: MSTR) made big moves higher in premarket trading on Monday morning.
Bitcoin rose on Monday, briefly surpassing $42,000 to reach a 20-month high, in a new surge of momentum fueled by U.S. interest rate cut expectations and traders betting that American regulators will soon approve exchange-traded spot bitcoin funds. Bitcoin's gains lifted the shares of cryptocurrency-related companies, as well as exchange-traded funds (ETFs) listed in the United States. Coinbase jumped 7% and Microstrategy gained 6.3%, while bitcoin miners such as Riot Platforms , Marathon Digital and CleanSpark rose between 7% and 13%.
Novogratz said the approval of a spot Bitcoin ETF could drive billions to the crypto space.