Crypto Stocks Rally As Bitcoin Jumps to Near $28K As Bulls Bet on ETF Approval
Tiger Newspress2023-10-16
Bitcoin (BTC) jumped some 4% in the Asian morning hours Monday amid hopes that a bitcoin exchange-traded fund (ETF) could get approved in the coming months, sparking bullish hopes.
Bitcoin traded just under $28,000, reversing all losses over the past week. The jump seemed to be a continuation of Friday’s reaction to the U.S. Securities and Exchange Commission (SEC) decision to not appeal to a recent Grayscale ruling.
Crypto stocks rallied in premarket trading. Marathon Digital rose 5.2%; Riot Blockchain rose 4.7%; Microstrategy rose 3.8%; Coinbase and Ebang rose 2%.
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