Coinbase’s stock price soars as bitcoin trades above $34K

Mining stocks were particularly improved after a pretty brutal summer that chipped away at their share prices

October 24, 2023 10:30 am

Beto Chagas/Shutterstock modified by Blockworks

US crypto-related stocks soared Tuesday morning, echoing bitcoin’s price move above $35,000 earlier in the day.

Coinbase led the pack, with its stock trading more than 14% in the green as of the time of writing. MicroStrategy, the top US corporate holder of bitcoin, climbed around 13%.

Block, which sells bitcoin via Cash App, is up roughly 4.8% as of the time of writing.

Share prices for bitcoin mining companies are also rebounding after high temperatures this summer pushed many of them to slow their operations.

CleanSpark shot up roughly 18% on Tuesday, with Marathon Digital advancing as much as 20%. Hut 8, a particularly beleaguered miner, increased just over 10% after the stock market opened.

Speculation about bitcoin spot ETFs in recent days has been a strong catalyst that has sent the world’s largest digital asset skyrocketing to yearly heights.

Much of that came from news about BlackRock’s planned bitcoin ETF on Monday, which added to the litany of headlines fueling the upward pressure on bitcoin.

Bitcoin (BTC) was trading at around $31,000 when Grayscale cemented its win over the SEC in the DC Circuit Court of Appeals. In August, Grayscale was granted a petition for review to convert its Bitcoin Trust into an ETF.

Le Shi, head of trading at Auros, also told Blockworks that the crypto market received an “indirect boost” from the SEC dropping the lawsuit against the Ripple founders last week.

At press time, the price of bitcoin is trading at around $34,300 on Coinbase.

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