Badly beaten-up crypto brokers, miners, and bankers are posting double-digit gains on Monday alongside gains in cryptocurrencies and the broad stock market.
Bitcoin (BTC) is up more than 5% since Friday, and – at this point on Monday morning – holding above $22,000 for a sustained period for the first time since the mid-June price crash. Ether (ETH) is performing even better, up nearly 20% since Friday to $1,479 as anticipation over the "merge" builds. Checking traditional markets, the Nasdaq is higher by about 1% and the S&P 500 is up 0.6%.
Among crypto-related stocks on the move are miners Marathon Digital (MARA) up 20%, Hut 8 (HUT) +15%, and Riot Blockchain (RIOT) +15%. Crypto exchange Coinbase (COIN) is ahead 13%, and crypto merchant banker Galaxy Digital (GLXY.TO) is higher by 17%. Michael Saylor’s MicroStrategy (MSTR) is up 10%.
Bank of America on Friday said it was seeing “continued signs of fading sell pressure,” in crypto. “Over the last two weeks, digital assets' market value fell 4% vs. 30% over the prior four weeks,” said Alkesh Shah and team in the note.
"When the market starts reacting positively to negative news, this is a signal that a local bottom could be in for now, as fear may have caused the news to be priced in," said GlobalBlock's Marcus Sotiriou on Monday morning, noting continued Fed hawkishness in the face of ugly inflation headlines continues.
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