Crypto stocks climbed again in premarket trading Tuesday as Bitcoin surged to $50,000 for the first time since 2021. Canaan and Bitfarms rose about 3%; CleanSpark rose 2%; MicroStrategy, Marathon Digital and Coinbase more than 1%.
Bitcoin hovered around $50,000 after scaling the closely watched level for the first time in over two years, a remarkable comeback from the crypto scandals and wipeouts that had cast doubt on the industry’s viability.
The largest digital asset was trading at $49,960 as of 10:52 a.m. Tuesday in Singapore having earlier risen as high as $50,379. The token has tripled in value since the start of last year following a 64% plunge in 2022. Bitcoin remains roughly $19,000 below the all-time high achieved in November 2021.
The wild price fluctuations seen since the introduction of Bitcoin more than a decade ago have long been one of the main attractions to speculators. While originally promoted as an alternative to the traditional financial system, the latest rally has been driven by optimism that last month’s US approval of spot Bitcoin exchange-traded funds is leading to greater mainstream acceptance.
“There is a lot of talk about inflow of money into this asset,” said Matt Maley, chief market strategist at Miller Tabak & Co. “I’d also note that the momentum players are getting excited as well.”
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