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Crypto-related stocks are gaining some upside momentum Wednesday afternoon as Bitcoin (BTC-USD) rebounds off a key level of technical support.
Some crypto-focused stocks making the most pronounced upswings intraday include: Bit Mining (BTCM +9.3%), Marathon Digital (NASDAQ:MARA +5.3%), Hut 8 Mining (HUT +4.7%), Galaxy Digital (OTCPK:BRPHF +6.2%), MicroStrategy (MSTR +4.7%), Bakkt (BKKT +4.6%) and Ebang International (EBON +8.4%).
Meanwhile, Bitcoin (BTC-USD +2.8%) is rising to $41.21K after reaching as low as $39.19K on Tuesday. The digital coin is still off more than 5% over the past five sessions and -13.6% YTD. Overall, BTC has been trending in a nearly six-month cyclical decline in a backdrop of geopolitical uncertainty, tighter monetary policy and surging inflation.
Also, Ethereum (ETH-USD +1.9%) is climbing firmly above its $3K key level, recently changing hands at $3.10K. Note that the Ethereum Network’s transition to Proof-of-Stake will take longer than expected, according to a tweet from Ether core developer Tim Beiko. “It won’t be June, but likely in the few months after. No firm date yet, but we’re definitely in the final chapter of PoW on Ethereum,” he explained.
For Wednesday’s crypto news highlights, Mastercard (MA) teamed up with Nexo, a digital asset institution, to launch a cryptocurrency-backed card in Europe. In addition, Fidelity National Information Services (FIS) partnered with crypto custody platform Fireblocks to provide digital asset services for its capital markets clients.
On Tuesday, Fairlead Strategies’ founder said that Bitcoin may be rangebound beyond the next couple of months.