Crypto News

Crypto-Related Stocks See A Huge Rise As Bitcoin Tests New Highs

Bitcoin and crypto related stocks

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.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

0 Comments
Inline Feedbacks
View all comments
Corey Hansford

Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.

Related Crypto News

Cardano(ADA) Becomes Second Biggest Unicorn In Crypto Valley
Switzerland’s Crypto Valley released its CV Top 50 report. Compiled in partnership with PwC, the report lists Cardano(ADA) as...
Dogecoin Now Being Accepted By The Dallas Mavericks
Dogecoin continues to move beyond the idea that it is simply a meme token. The Dallas Mavericks announced that...
Ripple’s Chairman Files To Remove SEC Lawsuit Over XRP Sale
The Legal counsel of Ripple Executive Chair Chris Larsen is trying to get his name removed from the US...
Gemini Exchange Launches Dedicated Service “Gemini Fund Solutions”
Gemini Crypto exchange and the custodian has launched a new dedicated service called Gemini Fund Solutions.
Crypto.com Raises $200 Million For Cryptocurrency Startups
Crypto.com announced the launch of Crypto.com Capital. Its venture arm has set aside $200 million to invest in promising...
Ethereum (ETHUSD) Trapped Between Short-Term Moving Averages as Powell Scares
Key Ethereum Takeaways Ethereum wobbled between profits and losses on Thursday as traders waited for clear policy direction from...

Featured Crypto News

Cardano(ADA) Becomes Second Biggest Unicorn In Crypto Valley
Switzerland’s Crypto Valley released its CV Top 50 report. Compiled in partnership with PwC, the report lists Cardano(ADA) as...
Dogecoin Now Being Accepted By The Dallas Mavericks
Dogecoin continues to move beyond the idea that it is simply a meme token. The Dallas Mavericks announced that...
Gemini Exchange Launches Dedicated Service “Gemini Fund Solutions”
Gemini Crypto exchange and the custodian has launched a new dedicated service called Gemini Fund Solutions.
Crypto.com Raises $200 Million For Cryptocurrency Startups
Crypto.com announced the launch of Crypto.com Capital. Its venture arm has set aside $200 million to invest in promising...
Ethereum (ETHUSD) Trapped Between Short-Term Moving Averages as Powell Scares
Key Ethereum Takeaways Ethereum wobbled between profits and losses on Thursday as traders waited for clear policy direction from...
Kings Of Leon To Become First Band To Release Full Album As NFT
Kings of Leon will release their new album, titled ‘When You See Yourself’ on Friday. They will be releasing...