Crypto Craze: Bitcoin Surges 16% to $35,000 – Hot Stocks, ETF Ruling, and More!

Cryptocurrencies like Bitcoin and ether resumed their upward trend on Monday night, along with equities related to the industry such as Coinbase Global (COIN), Marathon Digital Holdings (MARA), Riot Platforms (RIOT), and Microstrategy (MSTR).

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An appeals court in the United States ruled in favor of Grayscale and ordered the Securities and Exchange Commission (SEC) to investigate the company’s request for a spot Bitcoin exchange-traded fund (ETF). The appeals court affirmed its earlier finding that sided with Grayscale, which it issued in late August. Without an appeal from the SEC inside the 45-day limit, Monday’s ruling came as widely expected.

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It’s worth noting that the SEC might still reject Grayscale’s spot Bitcoin ETF proposal, but it would have to provide a fresh justification for doing so. Notably, proposals for spot Bitcoin ETFs have also been lodged by other businesses.

The outcome of these developments was a 16% spike in the price of Bitcoin in just 24 hours, sending it soaring to $35,000 on Monday night. The ProShares Bitcoin Strategy ETF (BITO), which tracks Bitcoin futures, had a 5.3% increase in after-hours trading, following a 6.1% increase earlier in the day. In addition to Bitcoin, Ethereum was also trading above $1,750.

On Monday, COIN stock gained 3.4%, reaching $77.21, while Coinbase, the largest cryptocurrency exchange, gained 5.5% in late trade.

MARA and RIOT stocks, both involved in Bitcoin mining, saw large jumps of around 9% in late trading, adding to their respective gains of 12.8% and 9% from the previous Monday. In addition to the 8.5% boost it experienced on Monday, Microstrategy, a company heavily invested in Bitcoin acquisition, saw a 7% increase today.

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Parv

Financial analyst, trader and crypto enthusiast.

Parv with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management. He wants to educate more people about cryptocurrencies.