Crypto-related stocks including $COIN and $SI soared on Thursday after US Federal Reserve Chair Jerome Powell noted progress in disinflation on Wednesday. HeleneBraunn and Aoyon_A report.
won a dismissal
on Wednesday of a proposed class-action lawsuit by customers who claimed Coinbase sold them unregistered securities. The company’s stock is up more than 100% this year as the crypto industry started recovering from the FTX exchange's collapse. Because Coinbase makes most of its revenue from trading volume, its stock price is highly correlated with bitcoin , which has been rallying so far this year.U.K.
Most crypto-linked stocks are also rallying, along with the broader equity markets. Business software company MicroStrategy , which sometimes acts as a bitcoin proxy because of the large amount of its holdings, rose about 10%, while crypto bank Silvergate Capital shares soared more than 30% on Thursday.
Meanwhile, crypto miners, which are heavily exposed to the price of bitcoin, are also outperforming. Stocks of miners Marathon Digital , Riot Platforms , Hive Blockchain , CleanSpark and Hut 8 were among tose that climbed more than 10%.
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