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Crypto Stocks Like Coinbase, Microstrategy Soar as Bitcoin Rebounds
SAN ANSELMO, CALIFORNIA – JUNE 6: In this photo illustration, the Coinbase logo is displayed on a screen on June 6, 2023 in San Anselmo, California. The Securities And Exchange Commission has filed a lawsuit against cryptocurrency exchange Coinbase for allegedly violating securities laws by acting as an exchange, broker-dealer and clearinghouse without registering with the Securities and Exchange Commission. (Photo illustration by Justin Sullivan/Getty Images)
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Bitcoin has risen about 6% over the past 24 hours, settling at around $63,500 as of early Monday afternoon.
Shares of Coinbase, the largest centralized digital asset exchange in the United States, jumped 12% to $243.27, on pace for their best day since February. Bitcoin accounted for 33% of the platform’s trading volume in the first quarter, by far the largest figure for any cryptocurrency. Ethereal represented 13% of the volume.
Bitcoin mining platform Riot surges 16%, while rival Digital Marathon has increased by 17%. Miners tend to make money when the price of bitcoin increases because it increases the value of their trades.
MicroStrategy, the largest corporate holder of bitcoin, rose 17% on Monday. The stock has risen more than 150% this year. On Thursday, the company announced a 10 for 1 stock splitin order to “make MicroStrategy stock more accessible to investors and employees.”
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