Bitcoin Crosses $20K & Sends Crypto Stocks Soaring

For the first time in roughly three weeks, Bitcoin (BTC) has increased in value by about 5% to over $20,000, and ether (ETH) is up just shy of 11% to its highest price since the Merge, driving a broader rally in cryptocurrencies and related stocks.

Coinbase (COIN) and MicroStrategy (MSTR), both up 10%, are among the companies on the move. Hut 8 (HUT), Bitfarms (BITF), Marathon Digital (MARA), and Riot Blockchain (RIOT) are among the cryptocurrency miners doing even better, with gains of 11% to 18%.

The ARK Fintech Innovation Fund (ARKF), managed by Cathie Wood, added 10,880 shares of Coinbase to its holdings on Monday, increasing its position to $60.5 million, or around 8% of the fund's weight. Since selling shares of COIN in July due to an SEC investigation into the company, this was ARK's first purchase of COIN.

With the Nasdaq up 1.6% and the S&P 500 up 1.1%, traditional equity markets are rising with the cryptocurrency market. The notion that the United States Federal Reserve is reaching the conclusion of its rate hiking cycle is in play. In Tuesday's trading, the dollar and bond yields are both significantly lower.

Article Credit: Coin Desk

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