Shares of cryptocurrency-related stocks, including Coinbase Global (COIN) and MicroStrategy (MSTR), experienced notable gains on Monday following a rebound in Bitcoin (BTCUSD) prices.
Bitcoin traded above $56,000 on Monday afternoon, recovering from a dip to approximately $52,600 last Friday. Despite the recent recovery, Bitcoin’s price remains below the nearly $58,000 level observed on Wednesday. The cryptocurrency’s volatility has had a corresponding effect on stocks associated with the crypto sector.
Coinbase, a leading cryptocurrency exchange, saw its shares rise by 4% by Monday afternoon. Similarly, MicroStrategy, a software firm with substantial Bitcoin holdings, saw an 8% increase in its stock price. However, both stocks have yet to return to the levels seen earlier in the week.
Cleanspark and Marathon Digital Also See Gains
Shares of Cleanspark (CLSK) and Marathon Digital (MARA), both involved in Bitcoin mining, followed a similar upward trend. Cleanspark’s stock rose by 5% on Monday afternoon, while Marathon Digital’s shares increased by 9%.
The recent downturn in Bitcoin prices may reflect investor reluctance towards riskier assets following a weaker-than-expected jobs report for August. The data has reignited concerns about a potential economic slowdown, influencing both cryptocurrency values and related stocks.
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