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

Silvergate Capital

04/12/2023 09:17

** Shares of cryptocurrency and blockchain-related companies
jump in premarket trading as Bitcoin crosses $40,000 for the
first time this year on anticipation around the imminent
approval of spot Bitcoin exchange-traded funds and optimism
around U.S. interest rate cuts 
    ** Bitcoin  BTC=BTSP , the world's biggest cryptocurrency,
up 4.0% to $41,599, while Ether  ETH=BTSP  rises 2.7% to
$2,253.1
    ** Crypto exchange Coinbase Global  COIN.O  rises 10.0%,
while Blockchain farm operator Bitfarms  BITF.O  up 13.3%    
    ** Crypto miners: Riot Platforms  RIOT.O , Marathon Digital
 MARA.O , Hut 8 Mining  HUT.O  and Bit Digital  BTBT.O  add
between 13.7%-16.6%
    ** Software firm and BTC buyer MicroStrategy  MSTR.O  gains
8.4% and BTC mining machine maker Canaan  CAN.O  up 11.9%  
    ** The ProShares Bitcoin Strategy ETF  BITO.P  adds 7.5%
    ** Bitcoin has risen 152.6% so far this year, supported by a
sharp rally since October on hopes that a spot bitcoin ETF could
allow previously wary investors access 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. However, there is still a long upward climb ahead to
retest the pandemic fueled highs from 2021," says Victoria
Scholar, head of investment at Interactive Investor


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