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Reading: Crypto Stocks Surge as Bitcoin Hits 19-Month High
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Bitcoin price drop 2025
PhotoNews Pakistan > Tech > Crypto Stocks Surge as Bitcoin Hits 19-Month High
Tech

Crypto Stocks Surge as Bitcoin Hits 19-Month High

Web Desk
By Web Desk Published December 2, 2023 2 Min Read
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Photo: Crypto News
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Shares of crypto mining companies and bitcoin-tracking firms experienced a rise on Friday, buoyed by the world’s largest cryptocurrency, Bitcoin, reaching a near 19-month high.

The surge, driven by an improved risk appetite, saw Bitcoin climbing 1.6% to $38,337. The upward trend has been ongoing since October, fueled by optimism around the potential approval of a spot exchange-traded fund (ETF), which is expected to attract more capital investments into the digital asset sector.

The share prices of bitcoin miners like Riot Platforms, Marathon Digital, and TeraWulf saw increases ranging from 1.7% to 4%, benefiting from the cryptocurrency’s rise.

J.P. Morgan responded to this rally by raising its price targets on various crypto miners, including Cipher Mining, CleanSpark, Iris Energy, Marathon Digital, and Riot Platforms. These companies are also ramping up production in anticipation of Bitcoin’s “halving” event next year, which will reduce the rewards for producing tokens by half.

Remember the #Bitcoin Stock- To – Flow model ? Well it’s now saying that 50k USD per 1 $BTC is fair value

When you see $QQQ and the broader US #StockMarket being a small push away from making new All Time Highs it’s not to difficult to see this price by next summer. pic.twitter.com/vlKf70m5Po

— King Wabi (Mr Big Buisness) (@KingWabii) December 2, 2023

Coinbase’s Performance and ETF Approval Bets

Coinbase, a major U.S. crypto exchange, saw its shares rise by about 2.5%, following a 62% increase in November. This outperformance came despite the exchange reporting a decline in trading volume earlier in the month.

CFRA Research analyst Michael Elliott noted that higher crypto prices will likely boost transaction volumes and revenues for Coinbase as 2024 approaches. However, Elliott warned of legal challenges and new regulations that may induce volatility in Coinbase’s stock. The speculation around ETF approval has helped mitigate concerns arising from Changpeng Zhao, the founder of the world’s largest crypto exchange, stepping down and pleading guilty to U.S. anti-money laundering law violations.

Other beneficiaries of the crypto market rally included U.S. software developer and bitcoin investor Microstrategy, which saw an increase of nearly 3.5%, and the ProShares Bitcoin Strategy ETF, which added 2.1%.

TAGGED:Crypto CurrencyCrypto TodayCryptocurrency NewsFeatured
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