Cryptocurrency stocks skyrocket as Bitcoin tests new highs

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Cryptocurrency-related stocks skyrocketed on Monday as Bitcoin tested new highs of over $43,000 per coin. The rise in digital asset prices came after news broke that Tesla invested $1.5 billion into Bitcoin and may begin accepting the currency as a form of payment in the future. Across the board, cryptocurrency-related stocks jumped in response. Bitcoin miners like Marathon Patent Group and Riot Blockchain saw gains of as much as 30.3% and 22.6%, respectively, while Grayscale Bitcoin Trust-a digital currency investment vehicle-rose as much as 16%. Even companies that don't directly deal with bitcoin but have been associated with the digital asset saw their shares rise. MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services, was up as much as 16.77% on Monday. The firm said recently that it made large Bitcoin acquisitions amid a pullback in prices. Read More: Wall Street's resident IPO expert shares the strategy behind her ETF that returned 107% last year - plus 3 risks to the current...read more...