Cryptocurrency stocks skyrocket as Bitcoin tests new highs

Cryptocurrency stocks skyrocket as Bitcoin tests new highs

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.

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Cryptocurrency investors are responding to more institutional interest in Bitcoin and other digital assets. While the Tesla news is the main driver of the surge, other institutional investors are also eyeing the