Monday, October 3, 2022
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Crypto-related stocks climb after US President gives green signal to cryptocurrency

The stock prices of crypto-related companies have risen as the broader market has reacted effectively to President Joe Biden’s long-awaited executive order requiring US federal agencies to develop a regulatory framework for digital assets and to investigate the possibility of a future digital currency.

According to TradingView, Coinbase (COIN) rose 10.5 percent at market closing, while shares in Bitcoin. Preacher Michael Saylor’s MicroStrategy (MSTR) rose 6.4 percent.

ProShares Bitcoin Strategy ETF (BITO) and Valkyrie Bitcoin Strategy ETF (BTF) both benefited from the markets’. As confidence increased in crypto, with ProShares Bitcoin Strategy ETF (BITO) gaining 10% and Valkyrie Bitcoin Strategy ETF (BTF) finishing up 10.3 percent.

Riot Blockchain Inc. (RIOT) rose 11.2 percent, while Marathon Digital Holdings Inc. (MARA) rose 13.5 percent, with Jefferies (JEF) analyst Jonathan Peterson reportedly restoring his buy rating for MARA in a note to clients, stating that crypto miners are likely to benefit now that the US government is “more formally recognising, engaging with, and seemingly supporting” the digital asset industry.

While 10% swings in cryptocurrency, these are exceptionally dramatic moves in traditional markets. Despite the gain over the last day, Coinbase is still down about 48% from its initial listing price in April of last year, while RIOT is  down 76 percent from its most recent peak in February 2021.

After the facts of the presidential order emerged yesterday night, Bitcoin (BTC) goes upto 9 percent before settling back to its current 5 percent gain.

Apart from the instant favourable price movement, most investors thought the executive order was, if not a net positive for the crypto business, at least a lot less awful than had been predicted. “A chance to reinforce American leadership in the global financial system and at the technology frontier,” President Biden stated on the rise of digital assets.

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