A surge in crypto and broader equity markets is boding well for crypto-linked stocks Monday, with $COIN, $RIOT, $MARA, $HUT, $MSTR, $GLXY.TO among the names with double-digit gains. mikeybellusci reports
) is performing even better, up nearly 20% since Friday to $1,479 as anticipation over the"merge" builds. Checking traditional markets, the Nasdaq is higher by about 1% and the S&P 500 is up 0.6%.
Among crypto-related stocks on the move are miners Marathon Digital up 20%, Hut 8 +15%, and Riot Blockchain +15%. Crypto exchange Coinbase is ahead 13%, and crypto merchant banker Galaxy Digital is higher by 17%. Michael Saylor’s MicroStrategy is up 10%.First Mover Americas: Bitcoin Has Best Day in a Month, but Ether’s Getting Even More Love
Bank of America on Friday said it was seeing “continued signs of fading sell pressure,” in crypto. “Over the last two weeks, digital assets' market value fell 4% vs. 30% over the prior four weeks,” said Alkesh Shah and team in the note. "When the market starts reacting positively to negative news, this is a signal that a local bottom could be in for now, as fear may have caused the news to be priced in," said GlobalBlock's Marcus Sotiriou on Monday morning, noting continued Fed hawkishness in the face of ugly inflation headlines continues.
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