Why Bitcoin- And Ethereum-Related Stocks Exploded Higher Wednesday

Henry Khederian

September 28, 2022

Shares of crypto-related stocks, including Bit Digital Inc (NASDAQ:BTBT), Coinbase Global Inc (NASDAQ:COIN) and Riot Blockchain Inc (NASDAQ:RIOT), all traded higher Wednesday amid an increase in the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Crypto rallied amid a rebound in broader markets. Major U.S. indexes were higher Wednesday as Treasury yields fell sharply. The Bank of England also indicated it would buy government bonds in order to stabilize the pound.

Bitcoin is trading higher by 3.90% at around $19,484 Wednesday.

Ethereum is trading higher by 4.05% at around $1,339 Wednesday.

Bit Digital is engaged in the bitcoin mining business. The company’s mining platform operates with the primary intent of accumulating bitcoin which may sell for fiat currency from time to time depending on market conditions.

Bit Digital traded higher by 4.13% at $1.26 per share.

Coinbase is the leading cryptocurrency exchange platform in the United States.

Coinbase traded higher by 6.76% at $67.31 per share.

Riot Blockchain is focused on building, supporting and operating blockchain technologies. The company's portfolio consists of Verady, Tesspay, Coinsquare and others.

Riot Blockchain traded higher by 7.47% at $7.34 per share.

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