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Bitcoin tops $81,000 as crypto-related stocks surge
Bitcoin hit $81,282 in New York, nearly 3% higher in 24 hours, and the rally lifted shares of Coinbase, MicroStrategy, and several miners.
Bitcoin rose to $81,282 in New York on Thursday morning, a nearly 3% increase over 24 hours, as the broader crypto complex gained momentum, according to Bitcoin Magazine.
Over the past 30 days, the outlet said bitcoin has climbed more than 23%, citing both positive regulatory developments and announcements from the U.S. Treasury Department about debt buybacks. The same report noted that some crypto-linked stocks moved even faster than bitcoin itself.
Strategy (NASDAQ: MSTR), the company linked to bitcoin holdings, was trading more than 13% higher on Thursday after resuming bitcoin buys following a 10-week pause to reshuffle its cash balance sheet. Coinbase (Nasdaq: COIN) was up 11%, while major miners including HIVE Digital, MARA, and CleanSpark rose as well.
Bitcoin also rallied in August after the U.S. Treasury Department said it would more than double the size of its government debt repurchases, an effort described as aimed at surging yields. Bitcoin Magazine added that the Treasury announcement helped non-yielding assets such as bitcoin and gold, and that investors returned to bitcoin exchange-traded funds, putting more than $2.8 billion into the vehicles, the most since October.
Latest closeGold $4,431.70 ▲1.9%|Bitcoin $81,004.44 ▲4.8%|Nasdaq Comp. 26,217.83 ▲0.5%