Bitcoin and cryptocurrency-aligned stocks have continued to soar as traders on both sides of the Atlantic plunged into riskier assets.
Bitcoin spurred the market with its impressive double-digit rally on Wednesday, causing a flurry of activity in companies whose underlying value is determined by the cryptoasset.
A combination of risk-on appetite among traders due to easing recession fears and a surge in on-chain NFT activity thanks to Ordinals caused the benchmark cryptocurrency’s rally.
Nasdaq-listed cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) proceeded with a meaty 17.5% in Thursday’s pre-market trade, sending shares to US$69.34.
MicroStrategy Incorporated (NASDAQ:MSTR), the world’s largest corporate bitcoin holder under the stewardship of uber-maximalist Michael Saylor, has surged 15% in the past week.
Cryptocurrency bank Silvergate Capital Corp has fared even better, gaining nearly 50% since Tuesday.
Silvergate has also been boosted by news of Citadel’s reported 5.5% stake in the bank, which would be worth around US$25 million.
Beleagured crypto mining stocks also saw a boost.
US-listed crypto miner Marathon Digital Holdings Inc soared over 18% while Canada-listed Hut 8 Mining Corp (TSX:HUT) added around 156%.
Over in London, Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) on the main market veered upwards of 17%, vastly outmaneuvering the FTSE All-Share Index and the junior market.
It is worth noting that all of the above remain considerably depressed in the long term, with Coinbase down 66% year on year, MicroStrategy down 33%, Silvergate down over 80%, and most crypto mining firms also down over 80%.