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Crypto stocks surge as Bitcoin tops $70,000 and Ethereum clears $2,000
Bitcoin rose more than 10% in 24 hours to above $70,000, while Ethereum climbed nearly 15% and broke above $2,000.
Yahoo Finance reports crypto-linked equities moved higher on Aug. 20 as a fresh rally in Bitcoin and other digital assets reignited demand across the sector. Strategy (NASDAQ: MSTR) shares were up 9% and Coinbase Global (NASDAQ: COIN) gained 6% in early trading.
The report said Bullish (NYSE: BLSH) and Circle Internet Group (NYSE: CRCL) were each up about 5% as digital asset prices moved sharply higher. Bitcoin was trading around $72,000, gaining more than 10% over the prior 24 hours, and was above $70,000 for the first time since May.
Ethereum (CRYPTO: ETH) increased nearly 15% and broke above resistance at $2,000. Yahoo Finance attributed the rally to U.S. President Donald Trump calling on Congress to pass the Clarity Act legislation, and to support from the U.S. Treasury after it said it plans to double its purchases of government notes.
For company stocks, Yahoo Finance said the latest gains extend recent momentum, with MSTR up 20% over the past five trading sessions and COIN up 14% over the last week. Despite the bounce, Strategy remains down more than 25% year-to-date, and it was trading at $113.78 per share.
Latest closeBitcoin $71,707.39 ▲3.5%|Ethereum $2,277.97 ▲1.2%|Nasdaq Comp. 26,729.16 ▼0.3%