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Home BREAKING NEWS

US Crypto Stocks Surge Ahead of Bitcoin Halving Event

by Matoy
April 8, 2024
in BREAKING NEWS, INVESTING
Reading Time: 2 mins read
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  • Bitcoin’s ascent past $72,000 boosts U.S. crypto-related stocks, with Coinbase, MicroStrategy, and BlackRock’s ETF seeing significant pre-market gains.
  • Bitcoin halving event set for April 20 reduces miner rewards, influencing market optimism.
  • Crypto mining companies like Marathon Digital, Hut 8, and Argo Blockchain also experience notable stock price increases.

The anticipation surrounding Bitcoin’s forthcoming halving event has sparked a notable uplift in U.S. crypto-related stocks. As Bitcoin breezed past the $72,000 threshold for the first time since the previous month, companies deeply intertwined with the digital currency landscape are witnessing a robust start to their week in the stock market.

Market Enthusiasm Builds Up

Coinbase, recognized as the premier U.S. traded crypto exchange, observed a 4.9% rise in its stock value during pre-market sessions. Similarly, MicroStrategy, known for its substantial Bitcoin holdings, saw its stock soar by 10%. Furthermore, BlackRock’s Bitcoin-focused exchange-traded fund (IBIT) experienced a 6.5% increase, mirroring the optimistic sentiment pervading the market.

Halving Event: A Catalyst for Change

The crypto community is closely watching the Bitcoin halving, slated for April 20, which will see miner rewards halve from 6.25 to 3.125 BTC per block. This event, which occurs approximately every four years, is often viewed as a pivotal moment that can significantly influence Bitcoin’s value and, by extension, related investments and stocks.

Miners in the Spotlight

The ripple effect of Bitcoin’s performance and the halving anticipation has also reached crypto mining firms. Marathon Digital reported a 5.2% uptick in its stock prices, while Hut 8, following its merger with USBTC, marked a 5.6% gain. Across the pond, Argo Blockchain, listed on the London Stock Exchange, enjoyed a 5% increase in its stock value, highlighting the global impact of Bitcoin’s market movements.

Tags: cryptoStocks
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