Crypto-linked equities are jumping Monday morning as Bitcoin (CRYPTO:BTC) pushes to fresh multi-month highs, lifting the broader digital-asset market. Here’s how the six most-watched crypto stocks are reacting.
- COIN stock is climbing. See the chart and price action here.
Why Bitcoin Is Up
Bitcoin is trading near $85,400, up roughly 5% over the past 24 hours after crossing $85,000 for the first time since January. Ethereum (CRYPTO:ETH), XRP (CRYPTO:XRP) and Solana (CRYPTO:SOL) are all posting solid gains as well, with the entire crypto market firmly in the green.
A few forces appear to be behind the move. Oil prices have fallen for four straight sessions, easing inflation worries and pulling the 10-year Treasury yield back below the 5% level it touched earlier this month.
This boosted investor confidence that the Federal Reserve’s rate decision on Sept. 16, along with other macro headwinds like the Bank of Japan’s hike and the Senate’s rejection of the Clarity Act, are now priced in.
On top of that, a wave of short-seller liquidations — hundreds of millions of dollars’ worth — has added forced buying pressure as Bitcoin cleared key resistance levels, accelerating the rally.
Crypto-Linked Stocks Rally
- Strategy (NASDAQ:MSTR): Shares traded at $166.23, up 8% in early trading as the Bitcoin-holding company tracks the broader crypto rally.
- Coinbase Global (NASDAQ:COIN): Coinbase stock was trading at $204.87, up 5.47% Monday morning as trading volumes and crypto sentiment improved.
- Robinhood Markets (NASDAQ:HOOD): Robinhood shares moved to $126.38, up 5.47% in premarket trading, buoyed by renewed retail crypto trading activity.
- Marathon Digital Holdings (NASDAQ:MARA): MARA traded at $13.90, up 4.98%, as Bitcoin miners rally alongside the underlying asset’s price surge.
- Riot Platforms (NASDAQ:RIOT): Riot shares climbed to $25.04, up 5.42% in Monday trading, according to Benzinga Pro market data.
- CleanSpark (NASDAQ:CLSK): CLSK stock rose to $15.17, up 4.92% as miner stocks broadly benefit from Bitcoin’s push toward $85,000.
See More:
Top Momentum Stocks
The Bottom Line
With Bitcoin reclaiming key technical levels and short sellers getting squeezed out of the market, crypto-adjacent equities are seeing outsized gains to start the week.
Traders will be watching whether Bitcoin can hold above $85,000 and whether these stocks can sustain their premarket momentum through the full session.
Image: Shutterstock
