Is Now the Time to Buy Bitcoin Stocks As Institutional Adoption Increases?
Wall-street investors may consider now an
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opportune time to buy Bitcoin stocks, as a bullish breakout could drive further growth.
As of Tuesday, the crypto market continues to show resilience and growth, leading to a positive sentiment for Bitcoin (BTC) stocks. This crypto surge is fueled by institutional adoption and upcoming legislative developments. Bitcoin made significant gains on Monday afternoon, reaching over $71,000 in late trading, leaving behind the stagnant price action of the past few days. This marks the first time Bitcoin has surpassed the $70,000 mark since early April.
Other cryptos also had strong intraday gains. Ethereum (ETH) shot up 11.5% to $3,4300, and Solana (SOL) was up 8.2%. Ethereum has since shot up to over $3,700.
The rally boosted cryptocurrency-related stocks on Monday, with Marathon Digital (MARA) rising by 15%, Bit Digital (BTBT) by 22%, and Coinbase (COIN) by 8.5% at the close of Monday’s session. Bitcoin mining stocks like Marathon Digital (MARA), Riot Platforms (RIOT), CleanSpark (CLSK), and Cipher Mining (CIFR) will be in the spotlight as BTC demand and price rises.
Institutional adoption and ETF holdings
The introduction of spot Bitcoin ETFs in January has accelerated the institutional adoption of crypto. According to recent 13-F filings, 563 professional investment firms reported owning $3.5 billion of
Bitcoin ETFs.
