Robinhood and Strategy Stocks Jump. Why Bitcoin May Finally Be Back

Dow Jones10:41

Crypto-related stocks were some of the market's best performers on Tuesday, as investors' hopes for a peace deal between the U.S. and Iran gave Bitcoin and other digital assets a much-needed boost.

Shares in online trading platform Robinhood Markets rose 10%, leading the S&P 500 on Tuesday. Crypto exchange Coinbase Global advanced 5.7%, while major Bitcoin investor Strategy rose 3.8%.

Crypto transactions account for a large chunk of the three companies' revenue, so their shares tend to move in tandem with Bitcoin. The large-cap digital asset was up 1.4% to $74,204 over the past 24 hours.

The rebound came as investors bet that the conflict in the Middle East could soon end. President Donald Trump said on Monday that the "right people" in Iran still wanted to make a deal, even though talks over the weekend failed.

Bitcoin investors will be hoping that a peace deal can end a brutal crypto winter.

Digital assets have struggled for direction since the first U.S. strikes on Iran. There's no direct link between cryptos and the war, but the geopolitical uncertainty has sapped demand for all sorts of risk assets.

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment