Sunday, May 9, 2021

Crypto-linked stocks extend rally that produced 400% gains Crypto news

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Bitcoin’s price briefly surpassed $ 28,000 on Wednesday to hit an all-time high, taking its December gain to over 40%.

Cryptocurrency-related stocks rose on Wednesday as Bitcoin headed for its biggest monthly gain since 2019, continuing a rally that has seen some companies’ shares more than quintuple since the end of October.

Marathon Patent Group Inc., which has climbed 444% in the past two months, added 4.4% on Wednesday. Riot Blockchain Inc. rose 7.1% on Wednesday after gaining 383% since October 30. And Bit Digital Inc., which jumped 81% on Monday alone, jumped another 31%.

Hive Blockchain technologies, listed in Canada, gained as much as 6% early Wednesday, with stocks nearly doubling since early December. In addition, Mike Novogratz’s Galaxy Digital Holdings rose another 3.4%, pushing stocks more than 60% higher since the start of the month.

Bitcoin’s price briefly surpassed $ 28,000 on Wednesday to hit an all-time high, taking its December gain to over 40%. Other cryptocurrencies have also surged, with the Bloomberg Galaxy Crypto Index rising 270% in 2020.

Some investors see Bitcoin as a gold-like hedge against inflation and a weak US dollar, while others see it as too speculative to provide safe haven.



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