Bitcoin has surpassed $100,000, boosting crypto stocks as optimism grows over a US-Britain trade deal. Shares of Coinbase and crypto miners also saw significant gains, while Ethereum rose 14%. Despite recent growth, Bitcoin remains below its January peak.
Shares of cryptocurrency and blockchain firms have surged on Wednesday as Bitcoin, the largest digital currency, crossed the $100,000 mark for the first time in three months. Specifically, Bitcoin (BTCUSD) saw a notable spike of 4.3%, reaching a price of $100,958, after hitting a peak of $101,531 earlier in the day. This surge has been attributed to optimism surrounding a significant trade deal between the United States and Britain.
Accompanying Bitcoin’s rise was a dramatic 14% increase in Ethereum (ETHUSD), which climbed to $2,050. The overall mood in equity markets reflected this upward trend as major indexes rallied alongside riskier assets, including cryptocurrencies. Investors appear to be responding positively to the broader economic conditions spurred on by the trade negotiations.
Crypto exchange Coinbase Global (COIN) experienced a notable increase of 6% and announced a substantial $2.9 billion deal to acquire crypto options exchange Deribit. Meanwhile, firms like Strategy MSTR, formerly known as MicroStrategy—which is known for its Bitcoin stockpiling—witnessed an impressive gain of 7% during the trading session.
The retail trading platform Robinhood (HOOD) saw its shares surge nearly 9%, reflecting the heightened interest among investors in venture into cryptocurrency markets. Crypto mining companies also enjoyed significant price increases; Riot Platforms (RIOT) was up over 8%, Marathon Holdings (MARA) climbed 7%, CleanSpark (CLSK) rose approximately 10%, and Bit Digital (BTBT) saw a near 5% increase.
Both the ProShares Bitcoin Strategy ETF (BITO) and the iShares Bitcoin Trust ETF (IBIT) reported gains of more than 5%, indicating a growing appetite for Bitcoin investment products. As of now, Bitcoin is up roughly 8% year-to-date and has rebounded sharply from a low of around $74,446 seen about a month ago. However, it is worth noting that despite this progress, it remains significantly below January’s record high of over $109,000. This overall momentum suggests a renewed interest in cryptocurrency and potential for further growth as trade dynamics evolve.
