"Bitcoin's Soaring Value Boosts Crypto Stocks to New Heights in 2023"
Originally Published 2 years ago — by Reuters
Cryptocurrency-related stocks listed in the U.S. surged as bitcoin reached a fresh high for the year, surpassing $42,000. The rally in these stocks is driven by optimism about potential interest rate cuts in the U.S. and expectations of the approval of U.S. stock market-traded bitcoin funds. Bitcoin's rise is also attributed to falling yields and positive sentiment for the upcoming year, which includes the halving process. Companies such as Coinbase, Microstrategy, Riot Platforms, Marathon Digital, and CleanSpark experienced significant gains in November. The ProShares Bitcoin Strategy ETF rose, while the ProShares Short Bitcoin Strategy ETF fell. This rally comes after a lukewarm period for cryptocurrencies earlier this year, with bitcoin up over 150% in 2023, on track for its best annual performance since 2020.