Crypto-related stocks rally as Bitcoin price rises above $71,000 Morinda News


Shares of cryptocurrency industry companies had a strong start to the week as (BTC) broke above $71,000 for the first time since mid-March.

The American crypto exchange Coinbase (NASDAQ:) recorded a premarket increase of 4.9%. MicroStrategy Incorporated (NASDAQ:), the holder of the largest Bitcoin company portfolio, rose 10%. Additionally, the BlackRock Bitcoin exchange-traded fund (iShares Bitcoin Trust (NASDAQ:)) recorded a 6.5% increase.

The broader crypto market also saw strong gains, with total market capitalization reaching $2.69 trillion, up 3.96% in the last 24 hours, according to industry data aggregator CoinMarketcap.

The rise in crypto-related stocks and Bitcoin price is being driven by a combination of factors, including increasing investor enthusiasm. Flows into cryptocurrency exchange-traded funds (ETFs) accelerated as the second quarter started strong, ending a two-week streak of outflows.

Meanwhile, the focus of the crypto community is on the upcoming Bitcoin halving, scheduled for April 20th. This event will reduce the reward for mining new blocks on the Bitcoin blockchain by 50%, from 6.25 BTC to 3.125 BTC per block. This halving mechanism, which aims to limit the supply of Bitcoin to control inflation, has historically caused the price of Bitcoin to rise.

Notable increases have been observed among cryptocurrency miners. Marathon Digital (NASDAQ:) rose 6.73%, while Hut 8 Corp (NASDAQ:), which recently merged with USBTC, gained 7.46%. Argo Blockchain PLC ADR (NASDAQ:), which trades on the London Stock Exchange, also saw a rise of 7.35%.

Elsewhere, open interest in futures tracking Bitcoin has remained at record highs for several weeks, exceeding $25 billion. This suggests that traders are increasing their leveraged bets as they anticipate further price fluctuations in the future.

Additionally, certain tokens and projects within the Bitcoin ecosystem have seen gains as traders anticipate a rise in BTC prices following the halving. These investments serve as proxies to profit indirectly from Bitcoin's growth without resorting to futures products or leverage.


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