Crypto-related stocks skyrocketed on Monday as Bitcoin tested new highs of over $43,000. This rise came after the news of Tesla investing $1.5 billion into Bitcoin and could begin accepting BTC as a form of payment in the future.
Marathon Patent Group saw a gain of as much as 30.3% while Riot Blockchain rose as much as 22.6%. The Grayscale Bitcoin Trust also rose by as much as 16%.
Even companies that aren’t directly involved with Bitcoin but have been associated with the currency have seen a rise. MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services, was up as much as 16.77% on Monday. The organization recently announced that it has made large Bitcoin acquisitions amidst a pullback in prices.
Increased Institutional Interest In Bitcoin
Crypto buyers have been responding to the increase in institutional interest in Bitcoin and other digital assets. The Tesla news is clearly the primary driver of the surge, but other institutional investors are also eyeing the token and boosting costs.
The Miller Opportunity Trust run by famous fund manager Bill Miller has said that it may indirectly invest in Bitcoin through the Grayscale Bitcoin Trust. Additionally, the California Public Employees’ Retirement System has also entered crypto after buying 113,034 shares in the bitcoin miner Riot Blockchain at the end of 2020.
Even Apple may be considering entering the crypto market as RBC Capital analyst Mitch Steves spoke about in a recent note to clients.
“If the firm decides to enter into the crypto exchange business (multi-billion dollar industry), we think the firm could immediately gain market share and disrupt the industry (while simultaneously making the USA a leader in crypto for the next 10-20 years).”
Though it had taken a backseat recently behind the popular stocks such as GameStop and AMC thanks to the reddit-driven trader frenzy on shorted stocks, but with that beginning to fade away, it looks as if everything is shifting back towards crypto once again.