News by Leon Neal/Getty Images
After a slow start to 2023, Bitcoin (BTC-USD) surged firmly above a key technical level during Monday afternoon’s trading, causing cryptocurrency-related stocks to post huge gains as traders look to a range of prices this week Catalysts that could drive price volatility.
Bitcoin (BTC-USD) rose 2.5% to $17.53k at 12:57 ET, hitting its highest level since mid-December, and Ethereum (ETH-USD) hit a similar milestone and surged higher 6.1% to $1.34 000.
The rally spurred buying pressure on crypto-exposed stocks. Greenidge Generation Holdings (NASDAQ: GREEN) +45.6%bit farms (NASDAQ:BITF) +35.1%bit digital (NASDAQ:BTBT) +29.1%Marathon Digital Asset (NASDAQ: MARA) +24.2%Hut 8 mining (NASDAQ: HUT) +23%HIVE Blockchain Technologies +22.3%and Riot Blockchain (NASDAQ: UP) +19.2% were among the biggest gainers throughout the day.
Crypto exchange Coinbase Global (NASDAQ: COIN).
With bank earnings, inflation data and comments from Federal Reserve Chair Jerome Powell, all three major US indices were in the green this week, including the Dow Jones +0.5%S&P500 +1% and the tech-heavy Nasdaq +1.9%. The gains also follow an encouraging nonfarm payrolls report that showed cooler-than-expected wages and slowing job growth. Cryptos typically rise on bullish days in the stock market and vice versa, although there have been a number of exceptions, particularly during periods of low crypto volatility.
Buying pressure in cryptos and stocks (and bonds for that matter) has fueled speculation as to whether Bitcoin (BTC-USD) is showing signs of bottoming, as discussed by Seeking Alpha contributor Bing Ventures.
The crypto market has endured one of the worst years of its short-lived history as inflows for digital assets plunged 95% in 2022.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.