Bitcoin
Bitcoin returns to more than US$70,000, boosting shares linked to cryptocurrencies (Cryptocurrency:BTC-USD)
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Bitcoin (BTC-USD) advanced sharply on Monday in late afternoon trading, briefly surpassing $70,000, leaving behind the subdued price action of recent days.
The original cryptocurrency (BTC-USD) rose as much as ~6% to $70.3K before paring gains to $69.6K at the time of writing. This marked the first time BTC tested the $70K mark since early April.
BTC was not the only token with strong intraday gains. Ether (ETH-USD) rose 11.5% to $3,430, Solana (SOL-USD) +8.2%, Cardano (ADA-USD) +3.4% and Dogecoin (DOGE-USD) +5%.
There was no clear catalyst supporting the recovery; however, it happened on the same day that crypto lender Genesis went bankrupt obtained judicial approval of its bankruptcy settlement plan to return billions of dollars to its defrauded clients. The news has perhaps increased investor confidence in crypto.
Either way, the recovery helped boost crypto-related stocks. Digital Marathon (MARA) +15%, Bit Digital (BTBT) +22%, Greenidge generation (GREEN) +15%, riot platforms (REBELLION) +9%, MicroStrategy (MSTR) +9% and Coinbase (COIN) +8.5% ended Monday’s session notably higher.