Crypto stocks track bitcoin and ether higher after ethereum software upgrade

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05/08/2021 20:53

** Crypto- and blockchain-related firms rise, tracking gains
in the world's largest cryptocurrencies  urn:newsml:reuters.com:*:nL1N2KI1I9
    ** Bitcoin  BTC=BTSP  gains 3% to $40,918.29; ether
 ETH=BTSP  rises 2.6% to $2,796.78; both reverse earlier losses
    ** Ethereum, the world's second-largest blockchain network,
goes through a major software upgrade called Ethereum
Improvement Proposal (EIP) 1559  urn:newsml:reuters.com:*:nL1N2PC14N
    ** Upgrade expected to stablise transaction fees, reduce
ether token supply which should boost prices 
    ** Cryptocurrency miners Riot Blockchain  RIOT.O  and
Marathon Patent Group  MARA.O  gain 2% and 7% respectively 
    ** Meanwhile, bitcoin mining company Bit Digital  BTBT.O 
leaps as much as 25% after jumping 30% on Wednesday 
    ** China-based bitcoin cos gain: Ebang International
 EBON.O  7.2%, SOS  SOS.N  3.8%, Future Fintech Group  FTFT.O 
1%
    ** Bitcoin bank Silvergate Capital Corp  SI.N  up 5.3%
    ** BTC buyer and business intelligence software co
MicroStrategy Inc  MSTR.O  rises 7% 
    ** Online retailer and blockchain tech investor
Overstock.com  OSTK.O  rises 4.1% 
    ** Crypto-exchange Coinbase Global  COIN.O  gains 3.8%
    ** EIP 1559 will help ether trade more like a fixed asset,
make it more attractive as a store of wealth and will likely
help ether continue to outperform bitcoin - Dan Morehead,
Pantera Capital  urn:newsml:reuters.com:*:nL4N2P93Q4
    ** YTD, bitcoin is up 41.3%; ether up 280%

 (Reporting by Lisa Mattackal)
 ((lisapauline.mattackal@thomsonreuters.com; +919945309224;
Twitter: https://twitter.com/LPM94))