Crypto Stocks Jumped in Morning Trading.
Marathon Digital surged over 8%; Coinbase, MicroStrategy rose more than 6%.Bitcoin (BTC-USD) retook $20,000 as the digital currency has taken off on Tuesday morning gaining more than 5% as traders look to capitalize off its recent declines.
Also lending support to the crypto world is Tuesday’s risk on tone, as the U.S. dollar subsides and yields take a step back its provided room for risk assets including the Nasdaq (COMP.IND) to advance higher. The speculative Bitcoin has developed a strong correlation with risk assets and is moving higher in tandem.
Bitcoin now trades near the $20,200 marker, a level not seen in nearly two weeks as the cryptocurrency has popped 6.3% early on. From a technical level the next stop looks to be near $21,200 which marks Bitcoin’s 100-day moving average. It has consistently been trading below the 100-day level since mid-April as it has tested the indicator's levels a couple of times but each time bounced lower.
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