Crypto Stocks Rise as Bitcoin Approaches $80,000
Crypto-related stocks experienced significant gains on Thursday as Bitcoin neared the $80,000 mark, rising over 5% to approximately $79,800. This surge in Bitcoin's value coincided with a decrease in expectations for a Federal Reserve interest rate hike later this month, following a rise in jobless claims that suggested potential weakness in the labor market.
Notable stock movements included a 10% increase for MicroStrategy (MSTR) and Galaxy Digital (GLXY), a 9% rise for Coinbase Global (COIN), and a 15% jump for Robinhood Markets (HOOD). The probability of a 25-basis-point rate increase at the Federal Open Market Committee's upcoming meeting decreased from 63.2% to 50.4%, influenced by comments from Fed Governor Christopher Waller regarding inflation and interest rates.
In addition to Bitcoin, other cryptocurrencies also saw upward movement, with Ethereum rising 2.8% to around $2,460, Binance Coin increasing by 34% to $719.30, and XRP gaining 6.6% to $1.42. Robinhood's stock performance was bolstered by its chain generating $4.32 million in revenue over the past 24 hours, outperforming competitors such as Solana and Ethereum.
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Source: KLEA News