US-listed cryptocurrency companies grow high on the rise of Bitcoin

By Anjali Kochhar

Before the bell on Wednesday, shares of U.S.-listed cryptocurrency companies saw gains ranging from 7% to 13%, driven by Bitcoin’s breakthrough above $1 trillion in market value for the first time in over two years and an improvement in investor mood.

Since the first spot Bitcoin exchange-traded funds (ETFs) were approved by the US securities regulator last month, the price of bitcoin has been gradually rising. With the introduction of ETFs, investors can now have exposure to bitcoin without actually holding the asset, which has been hailed as a game-changer for the industry, which is already well-known for its appeal to retail traders.

According to Gautam Chhugani, a Bernstein analyst, “they think the best days of bitcoin are ahead.” “The ETF has given the cryptocurrency industry a sense of respectability that was before lacking. In the upcoming days, this anticipates that many of these new bitcoin aficionados will allocate capital, which might be advantageous for bitcoin miners or bitcoin ETFs.

Cryptocurrency exchange Coinbase had a roughly 7% increase in shares, while miners Bitfarms and Riot Platforms saw increases of roughly 8% and 11%, respectively. For the first time since November 2021, the market value of bitcoin surpassed $1 trillion, according to statistics portal At its most recent valuation of $1.08 trillion, it is more than double the market value of the largest U.S. bank, JPMorgan Chase, and was getting close to Meta Platforms’ $1.17 trillion. At $51,300, the biggest cryptocurrency was up 3.7% in trade.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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