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Crypto-Related Stocks Surge as Bitcoin Price Hits Highest Point Since June 2022
Bitcoin miners are posting the largest percentage stock gains on Monday.
Updated Apr 11, 2023, 5:36 p.m. Published Apr 10, 2023, 7:37 p.m.
Marathon Digital (MARA), Coinbase (COIN) and MicroStrategy (MSTR) are among the names making big moves as bitcoin (BTC) rose more than 4% on Monday to top $29,200 for the first time since June 10, 2022.
Alongside Marathon Digital's 12% advance, fellow bitcoin miners Riot Platforms (RIOT) and Hut 8 Mining (HUT) are ahead 13% and 10%, respectively.
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Crypto exchange Coinbase (COIN) is up 5.5% and MicroStrategy (MSTR) – the owner of 140,000 bitcoin – has gained more than 6%.
Prior to today's upside action, bitcoin had been locked in a very tight range on either side of $28,000 for about 10 days. There's no apparent news behind Monday's sizable gains. Wednesday the consumer price index (CPI) will be released for March, one of the more important pieces of economic data prior to the U.S. Federal Reserve's early May meeting. Many market watchers are predicting the central bank might end its more than year-long series of interest rate hikes at that meeting.
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XRP Underperforms Market as Sudden Bitcoin Surge Forces $387M of Liquidations
XRP's technical outlook remains uncertain, with support at $2.05 and resistance at $2.17, as traders watch for volume expansion
What to know:
- XRP posts gains but underperforms compared to the broader digital asset surge, with below-average trading volume raising questions about the move's strength.
- Bitcoin's rise above $94,000 triggered a broad market rebound, leading to significant liquidations and reshuffling of positions.
- XRP's technical outlook remains uncertain, with support at $2.05 and resistance at $2.17, as traders watch for volume expansion to confirm momentum alignment.
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