{"id":180122,"date":"2023-10-24T19:45:21","date_gmt":"2023-10-24T14:15:21","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=180122"},"modified":"2023-10-24T19:45:21","modified_gmt":"2023-10-24T14:15:21","slug":"bitcoin-price-surge-drives-btc-related-stocks-to-new-multiweek-highs-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-surge-drives-btc-related-stocks-to-new-multiweek-highs-crypto-news\/","title":{"rendered":"Bitcoin price surge drives BTC-related stocks to new multiweek highs – Crypto News"},"content":{"rendered":"

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Monday\u2019s Bitcoin (BTC<\/a>) price surge has catapulted Bitcoin-related stocks to new heights, with the likes of Coinbase and MicroStrategy posting new multiweek highs.<\/p>\n

Bitcoin mining stocks saw significant gains amid BTC price momentum, with United States-listed Riot Blockchain recording<\/a> an 11.69% surge and Marathon Digital Holdings seeing a 14.6% increase. The upcoming halving event, which will cut the Bitcoin mining reward from 6.25 BTC to 3.125 BTC per block, also likely contributed to the price increase.<\/p>\n

Marathon Digital stock price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin mining stocks not only outperformed Bitcoin in the recent price rally but also in terms of year-to-date (YTD) gains. Cipher Mining has seen an increase of 356% YTD vs. Bitcoin\u2019s 86% YTD gains. Similarly, Riot Platforms has registered a 163.10% YTD increase, and Northern Data, a general processing unit miner with headquarters in Frankfurt, Germany, has increased by 291.40%. Hut 8 Mining, Iris Energy, Bitfarms, Marathon Digital and Hive Technologies have all registered more than 100% growth in 2023.<\/p>\n

Apart from public Bitcoin mining companies, other Bitcoin-centred public firms such as Coinbase and MicroStrategy also posted multi-week highs. Coinbase\u2019s stocks were up by 3.42% at publishing time while the largest Bitcoin-holding public firm MicroStrategy recorded a 9% surge on the daily charts.<\/p>\n

Related: How high can Bitcoin price go by 2024?<\/a><\/em><\/strong><\/p>\n

MicroStrategy\u2019s Bitcoins holding is back in the green<\/a> for the third time this year. The profit on BTC holdings comes after being down as much as -50% during the bear market. MicroStrategy currently holds 158,245 <\/a>BTC bought at an investment of $4.68 billion at an average price of $29,582. The public company\u2019s investment is currently worth $5.5 billion, leading to nearly $1 billion in unrealized gains.<\/p>\n

MicroStrategy stock price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

The Bitcoin price breached the $35,000 mark on Oct. 23 with a double-digit surge taking the price to a one-year high before retracing below $33,000. Earlier today, BTC price surged another 5% and currently trading above $34,500.<\/p>\n

Magazine: <\/em><\/strong>Asia Express: PEX staff flee event as scandal hits, Mt. Gox woes, Diners Club crypto<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Monday\u2019s Bitcoin (BTC) price surge has catapulted Bitcoin-related stocks to new heights, with the likes of Coinbase and MicroStrategy posting new multiweek highs. Bitcoin mining stocks saw significant gains amid BTC price momentum, with United States-listed Riot Blockchain recording an 11.69% surge and Marathon Digital Holdings seeing a 14.6% increase. The upcoming halving event, which […]<\/p>\n","protected":false},"author":2,"featured_media":180123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-180122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180122","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=180122"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180122\/revisions"}],"predecessor-version":[{"id":180125,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180122\/revisions\/180125"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/180123"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=180122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=180122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=180122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}