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Cryptocurrency-exposed stocks gain as Bitcoin tops $30K

By Scott Kanowsky 

Investing.com -- Shares in cryptocurrency-exposed stocks rose on Tuesday, as Bitcoin surged above $30,000 for the first time since June 2022.

Crypto miners Riot Platforms (NASDAQ:RIOT) and Marathon Digital Holdings Inc (NASDAQ:MARA), as well as Bitcoin investor MicroStrategy Incorporated (NASDAQ:MSTR) and digital coin exchange platform Coinbase Global Inc (NASDAQ:COIN) all gained more than 2% in premarket U.S. trading.

The world's largest cryptocurrency was 6.16% higher at $30,052.3 by 08:28 ET (12:28 GMT), while peers Ethereum, Binance Coin and Ripple also jumped. The moves helped lift the total crypto market capitalization to $1.4 trillion.

Bitcoin has increased by roughly 80% this year, far outperforming other asset classes. Its latest rally comes amid a broader improvement in sentiment as markets began pricing in the potential for a limited number of interest rate hikes by the Fed in the coming months, especially as the U.S. economy cools further.

A less hawkish Fed bodes well for Bitcoin and other cryptocurrencies after a sharp uptick in borrowing costs wiped out over two-thirds of the crypto market's total capitalization last year.

Meanwhile, Bitcoin has been on a tear over the past month, as the token attracted some safe haven plays due to concerns over a broader collapse in the financial services industry.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.