Why Bitcoin- And Ethereum-Related Stocks Are Rising

Shares of several cryptocurrency-related stocks including Coinbase Global Inc COIN, MicroStrategy Inc MSTR, Marathon Digital Holdings Inc MARA and Riot Platforms Inc RIOT are trading higher Tuesday amid a resurgence in the broader crypto market, led by gains in Bitcoin BTC/USD and Ethereum ETH/USD. 

What To Know: Over the weekend, Bitcoin crossed the $21,000 mark for the first time since early November. The crypto market has rallied in recent weeks alongside broader risk assets as investors continue to digest inflation data and assess the Federal Reserve’s next move.

Last week, the Labor Department reported a 6.5% increase in the consumer price index for December, in line with average economist estimates. 

It’s unclear if improving inflation data will be enough to change the central bank’s current course of policy action, but the crypto market rallied alongside traditional markets following the CPI release last week. 

Coinbase is a provider of end-to-end financial infrastructure and technology for the crypto economy. The stock was up 3.04% at last check.

MicroStrategy is a business intelligence, mobile software and cloud-based services company. More than anything else, it’s a bet on Bitcoin, as the firm owns more than 130,000 Bitcoin. MicroStrategy shares are up 3.7% at the time of writing.

Marathon Digital is engaged in mining digital assets. The stock was up 5.86% at last check.

Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was up 2.97% Tuesday morning.

Check This Out: Bitcoin Consolidates After Massive Surge North: Here’s What Might Happen Next

$BTC, $ETH Price Action: At time of publication, Bitcoin was up 22.45% over the last week and Ethereum was up nearly 18% over the same time period. 

Photo: Eivind Pedersen from Pixabay.