Bitcoin
Crypto stocks like Coinbase and Microstrategy soar as bitcoin surges
SAN ANSELMO, CALIFORNIA – JUNE 06: In this photo illustration, the Coinbase logo is displayed on a screen on June 06, 2023 in San Anselmo, California. The Securities and Exchange Commission has filed a lawsuit against cryptocurrency exchange Coinbase for allegedly violating securities laws by acting as an exchange, broker-dealer and clearing agency without registering with the Securities and Exchange Commission. (Photo illustration by Justin Sullivan/Getty Images)
Justin Sullivan | Getty Images
Coinbase, Microstrategy It is Riot platforms surged on Monday as investors flocked to cryptocurrency companies after bitcoins rise to a two-week high.
The price of bitcoin has been rising since the attempted murder in Donald Trump on the weekend, with investors betting that the likely Republican candidate now has a better chance of winning the election in November. In recent months, Trump has been making increasingly optimistic commentary on cryptocurrencies, and last week he signed on to headline the Bitcoin 2024 conference in Nashville, Tennessee.
Bitcoin is up about 6% over the past 24 hours, trading around $63,500 as of early Monday afternoon.
Shares of Coinbase, the largest centralized digital asset exchange in the U.S., jumped 12% to $243.27, on pace for its best day since February. Bitcoin accounted for 33% of trading volume on the platform in the first quarter, by far the most for any cryptocurrency. Ethereum represented 13% of the volume.
Bitcoin miner Riot Platforms is up 16%, while rival Digital Marathon rose 17%. Miners tend to profit when bitcoin rises in price because it increases the value of their operations.
MicroStrategy, the largest corporate holder of bitcoin, surged 17% on Monday. The stock is up more than 150% this year. On Thursday, the company announced a 10-for-1 stock splitto “make MicroStrategy stock more accessible to investors and employees.”
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