Crypto Stocks Surge as Bitcoin Breaks $70,000 Mark on Monday

On Monday, March 25, 2024, several publicly traded companies heavily involved in cryptocurrencies experienced significant gains alongside the surge in Bitcoin's price. Cleanspark (NASDAQ: CLSK) saw an increase of nearly 20%, while Riot Blockchain (NASDAQ: RIOT) witnessed its share price rise by over 9%. MicroStrategy (NASDAQ: MSTR), led by crypto enthusiast Michael Saylor, saw the most impressive gain, with its shares soaring nearly 22%. The surge in these stocks was attributed to Bitcoin's unprecedented crossing of the $70,000 mark that same morning, marking a historic milestone. Despite recent outflows from spot Bitcoin exchange-traded funds (ETFs), which totaled $836 million in the preceding week according to Coinbase research, Bitcoin's resilience and bullish sentiment persisted. Investors capitalized on the dip in Bitcoin's price, as the Federal Reserve hinted at potential rate cuts and inflation remained in check. Additionally, anticipation of Bitcoin's upcoming halving event, where mining rewards are halved, spurred further interest and investment in the cryptocurrency. This positive outlook suggests continued stability for Bitcoin and companies like Cleanspark, Riot Blockchain, and MicroStrategy, which are heavily reliant on its success.