Why Bitcoin- And Ethereum-Linked Stocks Are Rising Today

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Shares of several crypto-related stocks including Marathon Digital Holdings Inc (NASDAQ:MARA), Riot Blockchain Inc (NASDAQ:RIOT) and MicroStrategy Inc (NASDAQ:MSTR) are trading higher Thursday amid a surge in the crypto market, led by gains in Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

The crypto market has rallied over the last week alongside broader risk assets as investors continue to digest inflation data and assess the Federal Reserve’s next move.

The SPDR S&P 500 (NYSE:SPY) is moving higher Thursday morning after the Labor Department said the consumer price index rose 6.5% in December, in line with average economist estimates. 

It’s unclear if Thursday’s improving data will be enough to knock the central bank off its pace of rate hikes. However, the crypto market is extending gains alongside traditional markets following the print.

Check This Out: Inflation Falls In December, Stocks Struggle To Find Direction: What You Need To Know

Marathon Digital is engaged in mining digital assets. The stock was up 11.4% at last check.

Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was up 6.5% Thursday morning.

MicroStrategy is a business intelligence, mobile software and cloud-based services company. More than anything else, it’s a bet on Bitcoin, as the firm owns more than 130,000 Bitcoin. MicroStrategy shares were up 3.85% at the time of writing.

See Also: Bitcoin Vs Ethereum: What’s The Difference?

$BTC, $ETH Price Action: At time of publication, Bitcoin was up 5.09% over a 24-hour period at $18,306 and Ethereum was up 5.38% at $1,404.27.

Photo: Ricardo Goncalves from Pixabay.