Crypto Stocks Surge as Bitcoin Tops $1 Trillion Market Value
The crypto companies listed on the U.S. stock market, including Coinbase, saw substantial gains between 7% and 12% pre-market on Wednesday. The rally was propelled by Bitcoin (BTC) surging past the $1 trillion market value milestone for the first time in over two years amidst a more positive investor sentiment.
Coinbase, Riot, Bitfarms Stocks Experience Significant Gains
Shares of crypto exchange Coinbase (NASDAQ: COIN) surged approximately 7% pre-market. The COIN stock was valued at $150.06, gaining 6.89% (9.67 points) at the time of writing on Wednesday. The surge comes ahead of Coinbase’s earnings on Thursday. Earlier, the Coinbase stock closed 4.70% lower at $140.39 on Tuesday.
Mining companies Riot Platforms (NASDAQ: RIOT) and Bitfarms (NASDAQ: BTF) also witnessed gains of nearly 10% and 12%, respectively. The RIOT stock was up by 9.59% to $16.92 at press time. On Tuesday, the stock slipped 3.02% in value and closed at $15.44.
The BITF stock noted the highest uptick among the three crypto firms mentioned. The Bitfarms stock soared 11.63% to $3.36, erasing losses incurred after slumping 1.95% on Tuesday.
Bitcoin Surpasses $1 Trillion Market Value
Bitcoin’s market value surpassed $1 trillion for the first time since November 2021, exceeding the market value of JPMorgan Chase, the largest U.S. bank, by more than double and approaching Meta Platforms’ $1.17 trillion.
Bitcoin’s Rise Despite Poor CPI Report
Bitcoin’s upward trajectory has been steady, particularly following the recent approval of Spot Bitcoin ETFs by the U.S. securities regulator. The introduction of ETFs has attracted retail investors and enabled them to gain exposure to Bitcoin without direct ownership.
The 11 Spot Bitcoin ETFs have seen a total net inflow of $4 billion to date, with a single-day net inflow of $631 million on Tuesday. Analysts express optimism about Bitcoin’s future, anticipating a surge in capital allocation from new enthusiasts.
At press time, the Bitcoin price gained 4.21% to $51,734.07 with a market cap of $1.01 trillion. Despite a bearish trend caused by the U.S. CPI reports missing estimates, traders are still betting on longs for higher profits in the long run.
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