Bitcoin’s Rise Above $26K Sends Crypto Stocks Soaring: Coinbase, Riot And More

Key Points:

• Bitcoin price surges above $26,000, and crypto company shares follow suit.
• Coinbase shares rise almost 7%, MicroStrategy’s shares rise 7.7%, and crypto mining stocks like Riot Platforms rise by 12%.
• Marathon Digital, a Bitcoin miner, saw its shares rise by almost 5% after producing a record 1,562 BTC in Q4.
• As more companies adopt BTC, demand is expected to increase, leading to further price increases and more interest in cryptocurrency-related stocks.

The price of Bitcoin (BTC) has surged above $26,000, and the shares of several cryptocurrency companies have followed suit, as reported by CoinDesk on Friday.

Shares of Coinbase (COIN), a major crypto exchange, were up almost 7%, while MicroStrategy (MSTR), a company that holds billions of dollars of Bitcoin on its balance sheet, saw its shares rise 7.7%. Meanwhile, crypto mining stocks such as Riot Platforms (RIOT) were up by a significant 12%. Shares of Hut 8 (HUT) and Hive Blockchain Technologies (HIVE) also rose by 7%.

One standout was Marathon Digital (MARA), a Bitcoin miner that produced a record 1,562 BTC in the fourth quarter. Its shares rose by almost 5% after the company released its delayed fourth-quarter earnings report, which showed that its earnings per share and revenue for the quarter were lower than analysts’ estimates. A significant portion of the loss was attributed to a $332.9 million charge related to the carrying value of mining rigs and advances to vendors.

At the time of writing, Bitcoin is trading at $26,487, up nearly 7% over the last 24 hours.

The rise in BTC’s price has been attributed to several factors, including the recent approval of a Bitcoin exchange-traded fund (ETF) in Canada and increased institutional adoption of cryptocurrencies. As more companies add Bitcoin to their balance sheets and payment options, the demand for the cryptocurrency is expected to increase, potentially leading to further price increases and more interest in cryptocurrency-related stocks.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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