Crypto stocks rally as Bitcoin crosses $40,000 on rate cut, ETF optimism

Silvergate Capital

04/12/2023 14:55

(Updates)
    ** Shares of cryptocurrency and blockchain-related companies
jump as Bitcoin crosses $40,000 for the first time this year on
anticipation around the imminent approval of spot Bitcoin
exchange-traded funds (ETFs) and optimism around U.S. interest
rate cuts 
    ** Bitcoin  BTC=BTSP , the world's biggest cryptocurrency,
up 4.0% at $41,605, while Ether  ETH=BTSP  rises 1.4% to
$2,224.9
    ** BTC has risen 151% so far this year, supported by a sharp
rally since October on hopes that a spot bitcoin ETF could bring
previously wary investors to crypto via the stock market
    ** "The crypto winter appears to be well and truly over with
positive price action coming back into play off the lows around
a year ago," says Victoria Scholar, head of investment at
Interactive Investor
    ** Crypto exchange Coinbase Global  COIN.O  rises 6.9%,
while Blockchain farm operator Bitfarms  BITF.O  up 9.6%    
    ** Crypto miners: Riot Platforms  RIOT.O , Marathon Digital
 MARA.O  and Bit Digital  BTBT.O  add between 9.6% and 12.4%,
while Hut 8 Mining  HUT.O  slides 1.5%
    ** Software firm and BTC buyer MicroStrategy  MSTR.O  gains
8.0% and BTC mining machine maker Canaan  CAN.O  up 7.7%  
    ** The ProShares Bitcoin Strategy ETF  BITO.P  adds 7.6%

 (Reporting by Bansari Mayur Kamdar in Bengaluru)
 ((BansariMayur.Kamdar@thomsonreuters.com;  Follow on X:
@BansariKamdar;))