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Crypto-exposed stocks gapped in Tuesday morning trading as Bitcoin (BTC-USD) recovered from a correction to its lowest level since mid-June.
MicroStrategy (NASDAQ:MSTR), which holds over 150,000 Bitcoins (BTC-USD), saw its holdings Advance 3.4%and Coinbase global (NASDAQ:COIN), the largest crypto exchange in the USA by trading volume, increased by 3.5%. BTC miners also changed hands in the green, including Riot Platforms (NASDAQ:RIOT) +5.3%Marathon Digital Holdings (NASDAQ:MARA) +2.4%Bitfarms (NASDAQ:BITF) +9.6%bit digital (NASDAQ:BTBT) +11.8% and Greenidge Generation (NASDAQ:GREE) +6.2%.
The price move comes as Bitcoin (BTC-USD) has recovered from a decline that temporarily dropped it below $25,000 on Monday due to volatility and trading volume, as well as the lack of major catalysts. The very first crypto increased by 4% at 10:56 a.m. ET to $26.1k.
Perhaps one of the factors driving the bullish price action is financial heavyweight Franklin Templeton (NYSE:BEN) filed for an exchange-traded fund that invests directly in Bitcoin (BTC-USD), becoming the latest traditional asset manager to join the race to be the first to market a spot BTC ETF.
According to an SEC filing, the proposed spot Bitcoin ETF would be managed by Coinbase and traded on the Cboe BZX Exchange. This is a notable move as it is the first time that BEN has filed for such a product, which would provide retail investors an easy way to invest in Bitcoin (BTC-USD) in their brokerage accounts.
Meanwhile, the stock market is weakening as investors brace for Wednesday’s consumer price inflation data.
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