Some Crypto Stocks Rally As Bitcoin Rebounds Above $96,000

Tiger Newspress

2024-12-20

A Bitcoin slide from a record high earlier this week extended to more than 10%, as reduced scope for looser US monetary policy dampened speculative zeal.

The price of the original cryptocurrency rallied above $96,000 after once dropping below $93,000.

Crypto stocks ralliedin morning trading. MicroStrategy rose 6%; Bit Digital rose 2%; Canaan, Coinbase, and Riot Platforms rose more than 1%.

A group of US exchange-traded funds investing directly in Bitcoin on Thursday snapped a 15-day streak of continuous inflows to post a record outflow of $680 million, according to data compiled by Bloomberg, underscoring the shift in sentiment.

The Federal Reserve’s hawkish pivot on Wednesday weighed on most risk assets. Bitcoin is still up almost 50% since pro-crypto Donald Trump’s victory in the US presidential election on Nov. 5.

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MicroStrategy rose 6%; Bit Digital rose 2%; Canaan, Coinbase, and Riot Platforms rose more than 1%.A group of US exchange-traded funds investing directly in Bitcoin on Thursday snapped a 15-day streak of continuous inflows to post a record outflow of $680 million, according to data compiled by Bloomberg, underscoring the shift in sentiment.The Federal Reserve’s hawkish pivot on Wednesday weighed on most risk assets. Bitcoin is still up almost 50% since pro-crypto Donald Trump’s victory in the US presidential election on Nov. 5.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":true,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0}}}