Crypto related stocks are on the run with Bitcoin.
Last checked, Bitcoin was up another $543 to $30,201.70.
In fact, now that bitcoin has touched $30,000, a move into the mid- to high-30s will be “likely” if it pushes through with conviction and would “force short speculators to cover and buy instead,” said James Lavish, managing partner at the Bitcoin Opportunity Fund, as quoted by CNBC. “Some investors are trying to get positioned ahead of that.”
Many traders also believe Bitcoin is becoming a safe haven. According to Zacks, “For months in 2022, Bitcoin was closely correlated to equities, specifically tech, and the Nasdaq. However, in the past few months, Bitcoin has been trading more in sync with gold. Finally, it appears that ‘Bitcoin Maximalists’ that believe BTC is a safe haven asset and not just a ‘yolo’
product of easy money central bank policies had something to hang their hats on.”
That’s all great news for Bitcoin investors, and for related stocks, such as:
Marathon Digital (MARA)
MARA is on the move with Bitcoin now above $30,000 and running. If BTC can push even higher, MARA will follow. That’s because its revenue depends on the direction of Bitcoin. Where Bitcoin travels, mining stocks like MARA are sure to follow. Now, if MARA can break above resistance around $10, it could potentially run back to $16 a share.
Riot Platforms (RIOT)
Riot Platforms is on the move, too. After running from about $5.50 to $10.58 in recent weeks, RIOT could see higher highs on the BTC recovery. According to the company, it produced 695 BTC – an increase of 36% year over year. With that, RIOT now owns 7,072 BTC.
MSTR is up about 7% to $335.29 at the moment. All thanks to its Bitcoin holdings, and the latest rally. After all, MSTR now owns about 140,000 BTC for about $4.17 billion. “MicroStrategy’s executive chairman Michael Saylor has become a vocal advocate for Bitcoin, arguing that it has the potential to outperform traditional asset classes such as gold and stocks,” as noted by Decrypt.co.
Coinbase Global (COIN)
COIN is up more than 8% on the BTC rally, too. As a crypto broker, the company’s revenue is highly reliant on crypto trading volumes, which tend to rise and fall with Bitcoin. If BTC can run even higher, COIN may follow.