Bitcoin rose slightly by the U.S. close as crypto-related stocks ended the day largely higher in a rally led by Coinbase and Hut 8.
The largest cryptocurrency by market capitalization rose about 0.5% to $21,731.
Traditional markets were mixed, with the S&P 500 falling 0.2% and the Nasdaq up 0.1%. The Dow Jones slumped after Goldman Sachs missed earnings estimates.
Silvergate Capital shares pared big gains to close up 1%; it had rallied despite the firm’s $1 billion fourth-quarter loss as business is intact, KBW analysts said. Earlier in the month, shares plummeted 40% after the company reported preliminary earnings on Jan. 5.
Coinbase rose 8.3%, Hut 8 was up 17% and MicroStrategy tacked on 8.7%.
Bit Mining closed up 37%, as most mining stocks rallied along with bitcoin. The company announced a new litecoin and dogecoin mining machine dubbed LD3 on Tuesday, having first publicized the launch on Jan. 9 on Twitter.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://www.theblock.co/post/203025/bitcoin-rises-slightly-as-crypto-stocks-surge-in-rally-led-by-coinbase-hut-8?utm_source=rss&utm_medium=rss