As the price of Bitcoin and Ethereum rose today, shares of companies traded on Wall Street with exposure to cryptocurrency also increased.
Among cryptocurrency prices, Polygon’s MATIC led the charge, rising 22% on the day, according to data from CoinMarketCap. At the time of writing, Ethereum had climbed 10.5% in the last 24 hours to almost $ 1,500, with a weekly increase of over 30%, while Bitcoin rose just over 4.5% over $ 22,000.
It is a remarkable change in what has otherwise been a gloomy bear market for investors and traders. Bitcoin and Ethereum are each down close to 70% from their all-time highs, as deteriorating macroeconomic conditions and the threat of a recession have weakened investment appetite in risk assets. Today, it seems that the appetite has been revived, even if it is only temporary.
For the listed company Marathon Digital Holdings, Inc. – a digital assets technology company specializing in cryptocurrency mining – the upward pressure in digital asset prices led the share price to rise by 22% to $ 9.82 from $ 8.83, as trading volume more than tripled daily. average, according to data from Nasdaq.
Shares of Coinbase jumped 9% on the day to around $ 59, according to Nasdaqdespite one internal email recently sent to influencers regarding their affiliate marketing program, which the company said ends tomorrow due to the bear market in digital asset prices.
During the last 24 hours, 30% of the volume on the Coinbase exchange came from Ethereum and 20% of it was Bitcoin trades, according to data from CoinMarketCap.
The company is one of many involved in crypto which is currently facing economic headwinds amid a decline in the price of most digital assets. Among those listed, both Robin Hood and Coinbase has announced layoffs this year, and Coinbase has let it go 18% of workers last month.
MicroStrategy Incorporated, which has 129,699 Bitcoins, spratt to $ 246.55 before falling to around $ 227, when the software maker saw the stock price rise 6% on the day. According to a recent chirping from the company’s CEO Michael Saylor, the company has spent almost $ 4 billion on building up its Bitcoin stock.
Bitcoin mining company Bit Digital, Inc. saw an increase as the stock price rose nearly 5% to 1.70, according to Nasdaq.
Riot Blockchain, which also focuses on Bitcoin Mining, saw its shares increase 12% to $ 6.24 at the time of writing, although the company recently suspended its business in Texas in the midst of a heatwave and sold more Bitcoin than it produced in May.
Traders were less positive on Block Inc., formerly known as Square, as the San Francisco-based payment solution company’s shares rose just over 1 percent on the day to $ 66.81.
The stock trading platform that allows users to invest in cryptocurrencies, Robinhood Markets, Inc., increased correspondingly by 2% to $ 8.60 in volume below average.
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