Crypto Stocks Soar as Bitcoin Smashes Through $59K Mark for the First Time Since 2021

BTC

$60,300.3

+5.87%

According to CoinDesk: The cryptocurrency market is buzzing as Bitcoin (BTC) powers through the $59,000 mark, recording a fifth consecutive day of gains. This recent surge represents a 4.8% increase over the past 24 hours, pushing Bitcoin to its highest level since November 2021 and bringing it to within 14% of its all-time high of about $69,000.

This resurgent strength in Bitcoin's price has spurred significant action in crypto-related stocks. Notably, the shares of Coinbase (COIN), the only U.S. traded crypto exchange, swelled by 3.9% after reaching a 52-week high of $209.94 on Tuesday.

MicroStrategy (MSTR), the largest corporate holder of Bitcoin, saw its stock price increase by 7.5%. The software development company made headlines when it announced its acquisition of an additional 3,000 BTC, taking its total holdings to a whopping 193,000 Bitcoin.

Among spot Bitcoin ETFs that were approved last month, BlackRock's Bitcoin exchange-traded fund (IBIT) added around 3.9%, leading the pack in terms of gains.

Cryptocurrency miners also saw an uptick with Marathon Digital (MARA) and Mawson Infrastructure (MIGI) each making gains of 6.1%. HUT 8 (HUT), which recently announced that it will start liquidating its Bitcoin holdings to finance corporate growth, saw its technology stock advance by 3%.

The broader crypto market mirrored this positive trend, with the CD20 increasing by 3.5%. These figures depict a flourishing crypto market as Bitcoin blazes through significant milestones.