Cryptocurrency stocks experienced a resurgence on Monday, benefiting from Bitcoin’s tepid recovery.
Coinbase (COIN), the leading US cryptocurrency exchange, is up 3.46% during the current trading session. The company’s shares are changing hands at $152 a pop.
Marathon Digital Holdings (MARA), one of the top cryptocurrency mining companies, is up 6.39%, currently trading at $14.25.
MicroStrategy (MSTR) has surged 6.29% to reach $121. The Virgia-based business intelligence firm is the largest cryptocurrency holder of the leading cryptocurrency.
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At the same time, shares of cryptocurrency-friendly Silvergate Capital (SICP) have plunged by more than 5%. It has emerged as an outlier in a sea of green.
Other cryptocurrency-related stocks include Riot Platforms (RIOT), Jack Dorsey’s Block (SQ), and PayPal (PYPL). All of them are also in the green at press time.
According to CoinGecko, Bitcoin is trading at $55,422 after adding 3$ over the past 24 hours. The cryptocurrency managed to reclaim the $55,000 level during the European morning.
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Cryptocurrency traders are patiently waiting for the upcoming US consumer price index (CPI) report, which is on track to be published on Wednesday. This crucial data will provide traders and investors with more clarity regarding the Fed’s upcoming rate cut.
Despite the recent rebound, the price of Bitcoin is still down nearly 6% this month. Such underwhelming performance is somehow on-brand for the cryptocurrency given that September tends to be its weakest month.
The flagship cryptocurrency is still up 32.2% on a year-to-date basis.
