Crypto-Related Stocks Positive After Bitcoin Rises 6.5% And Crosses $30,000
- Bitcoin (BTC) is up 6,5% in the past 24 hours to $30,100 for the first time since June 10, 2022.
- Crypto-related stocks also posted impressive gains on Monday. A slew of BTC holders are also making gains.
- This could be bullish action ahead of tomorrow’s CPI news.
The price of Bitcoin crosses $30,000 after a strong increase of 6.5%. This caused crypto-related stocks to also record impressive gains.
Today the price of the largest cryptocurrency in the market recorded a strong increase of 6.5% and reached $30,100. This is the largest increase since June 10, 2022. Shares of crypto-related names surged Tuesday morning as the price of bitcoin and other digital assets skyrocketed. Coinbase Global Inc. COIN, +7.63% shares were up 7.8% in a morning activity, after rallying as much as 11.8% earlier in the session.
Shares of bitcoin mining company Marathon Digital Holdings Inc. MARA, +14.04%, and Riot Platforms Inc. RIOT, +15.50%, all increased by more than 10%. Shares of Hut 8 Mining Corp. HUT, +9.52%, has increased 14%.
Institutions holding BTC are also profiting. Last week, MicroStrategy spent nearly $30M to add 1,045 BTC, bringing the total number of BTC the company has to round 140,000 BTC with an average price of $29,803/BTC. Marathon Digital holds 12,232 BTC with a TB buy price of nearly $27,700, now more than 7% profit. With 10,725 BTC holding at a TB price of $31,620, Elon Musk’s Tesla has a significant chance of coming to shore if BTC maintains its upward momentum.
The country of El Salvador is still swinging to the top, with an average purchase price of more than $42,500, still losing nearly 30%. Last year it was announced to buy 1 BTC per day but has yet to confirm the amount of additional BTC, so there is no estimate.
The reason for this price increase could come from the reports of financial indicators in March that continued to slow down after one month, which is expected to put the Federal Reserve on track to raise interest rates further 25 basis points in May and a pause after that.
Before their policy meeting on May 2-3, this will be the last jobs report Fed officials have access to. However, in the interim, they will continue to receive information on inflation and employment costs. On Wednesday, the consumer price index (CPI) will be released for March, one of the more important economic data ahead of the US Federal Reserve’s early May meeting.
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