Badly beaten-up crypto brokers, miners, and bankers are posting double-digit gains on Monday alongside gains in cryptocurrencies and the broad stock market.
Bitcoin (BTC) is up more than 5% since Friday, and – at this point on Monday morning – holding above $22,000 for a sustained period for the first time since the mid-June price crash. Ether (ETH) is performing even better, up nearly 20% since Friday to $1,479 as anticipation over the "merge" builds. Checking traditional markets, the Nasdaq is higher by about 1% and the S&P 500 is up 0.6%.
Among crypto-related stocks on the move are miners Marathon Digital (MARA) up 20%, Hut 8 (HUT) +15%, and Riot Blockchain (RIOT) +15%. Crypto exchange Coinbase (COIN) is ahead 13%, and crypto merchant banker Galaxy Digital (GLXY.TO) is higher by 17%. Michael Saylor’s MicroStrategy (MSTR) is up 10%.
Bank of America on Friday said it was seeing “continued signs of fading sell pressure,” in crypto. “Over the last two weeks, digital assets'...
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