Bitcoin Price Up, Crypto Stocks Follow!
Crypto-related companies are off to a great start this week as Bitcoin surpasses $72,000 for the first time since March. This surge comes as the highly anticipated reward halving approaches.
Coinbase, MicroStrategy Among Big Winners
In the U.S., crypto-related stocks are showing promising gains. Coinbase (COIN), the sole U.S. traded crypto exchange, saw a 4.9% increase in pre-market trading. MicroStrategy (MSTR), holding the largest amount of Bitcoin among corporations, rose by 10%, while BlackRock’s Bitcoin exchange-traded fund (IBIT) experienced a 6.5% surge.
What is Bitcoin Halving? And Why Does it Matter?
The CoinDesk 20 Index, reflecting the broader crypto market, rose by 3.1% within 24 hours. The impending halving, scheduled for April 20, will reduce the rewards for Bitcoin miners by 50%, from 6.25 BTC to 3.125 BTC per block.
Mining Companies See Gains as Well
Mining companies are also benefiting from this upward trend. Marathon Digital (MARA) saw a 5.2% increase, Hut 8 (HUT) gained 5.6%, and Argo Blockchain (ARB) on the London Stock Exchange rose by 5%.
Investors Eyeing More Crypto Market Growth
As excitement builds around Bitcoin’s rally and the upcoming halving, investors are eyeing further potential gains in the crypto market.
