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© Reuters Crypto stocks rally as BTC recovers
Shares of crypto stocks Marathon Digital Holdings (NASDAQ:), Cipher Mining (NASDAQ:), Microstrategy, Inc. (NASDAQ:), Coinbase (NASDAQ:) and Riot Platforms (NASDAQ:) are rising on Wednesday as the Bitcoin Price is rising again after a decline on Tuesday.
The leading cryptocurrency is currently up 2% on Wednesday after falling more than 6% on Tuesday. Bitcoin hit a new all-time high on Tuesday after rising above the $69,000 threshold before staging a sharp correction. Today at 7:50 a.m. ET, it is trading near $65,500
This has helped drive up the share price of crypto stocks in pre-market trading. MARA is up 4%, Cipher Mining is up 3.5%, MSTR is trading 7.8% higher, Coinbase is up 4.6% and RIOT is up 4.2%.
Following the Bitcoin rally, analysts at Bernstein said in a recent note that while the gains “can be attributed to ETF flows, the market simply isn’t stopping at Bitcoin.”
The company expects the market recovery to be “broad-based, with DeFi leading the way.”
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