Benzinga - Crypto-related stocks including Coinbase Global Inc (NASDAQ: COIN), Marathon Digital Holdings Inc (NASDAQ: MARA) and Riot Platforms Inc (NASDAQ: RIOT) are trading higher Monday amid a weekend increase in the price of Bitcoin (CRYPTO: BTC).
What To Know: Bitcoin crossed the $40,000 level over the weekend and has continued to trend higher to start the week. Bitcoin is now up more than 5% over a 24-hour period, adding to gains of approximately 145% since the start of the year, according to Benzinga Pro.
The rally in the crypto space this year has largely been fueled by continued optimism surrounding a potential spot ETF. Several major U.S. financial firms recently made changes to their pending applications for spot Bitcoin ETFs and analysts continue to expect the SEC to approve a spot ETF within the next couple of months.
New reports also suggest that expectations for rate cuts from the Federal Reserve in 2024 could be helping fuel some of the recent rally in the crypto space.
At a fireside chat on Friday, Fed chairman Jerome Powell said it’s too early to talk about cutting interest rates, but acknowledged that he's forecasting a slowdown in spending growth next year, which gave rise to expectations that the Fed is probably done hiking rates for now.
See Also: Bitcoin Has Potential To 'Significantly Reshape' Cyber Warfare, Says US Space Force Major
Coinbase is the leading cryptocurrency exchange platform in the United States. The company is focused on building a more accessible, efficient and transparent financial system enabled by crypto. Coinbase shares were up nearly 9% at last check.
Marathon Digital is engaged in mining digital assets. The company is focused on the Bitcoin ecosystem. The stock was up 13.6% at publication time.
Riot Blockchain is focused on building, supporting and operating blockchain technologies with a vision to become the leading Bitcoin-driven infrastructure platform. Shares were up 11.7% Monday morning.
$BTC Price Action: Bitcoin was up 5.41% over a 24-hour period at $41,755 at the time of publication, according to Benzinga Pro.
Photo: Miloslav Hamřík from Pixabay.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.