By Mark DeCambre
After a fallow period, bitcoin's price is on the rise, surging to around the highest level since May on Wednesday and raising the hopes of crypto bulls for further gains in digital assets and companies and funds associated with the nascent sector.
See:Bitcoin rallies above $55,000 for first time in five months
At last check, bitcoin was at $54,380, up 9% and had touched a intrasession high above $55,000, which would mark its loftiest level since around May.
Ether on the Ethereum blockchain, meanwhile, was changing hands at $3,600.37, up 4.6% on the session and around its highest since last month.
The gains for the No. 1 and 2 largest crypto by market value were helping to deliver a jolt to other aspects of the investing world, including companies related to crypto and those funds that offer exposure to the sector.
The largest fund offering bitcoin exposure, Grayscale Bitcoin Trust (GBTC), is up 5.5% on Wednesday and up nearly 15% on the week thus far, FactSet data show.
The U.S.'s largest crypto exchange Coinbase Global Inc.(COIN) was up nearly 6%, and up 7.5% on the session.
Meanwhile, bitcoin miners also were on the ascent. Riot Blockchain Inc.(RIOT) were up 2.4% and 3.5% thus far in the week. Miner Marathon Digital Holdings (MARA) rose over 4% and nearly 17% through Wednesday. Ebang International Holdings (EBON) was up 1.8%, with a weekly gain of more than 4.4%. However, Hut 8 Mining Corp. was down 0.3% on the day but almost 11% on the week.
Other funds that track crypto were also rising. Those include the Bitwise Crypto Industry Innovators ETF (BITQ), up 1% on the day and nearly 6% on the week. Amplify Transformational Data Sharing ETF was rising 0.5% on Wednesday and headed for a weekly gain of 3.2% so far.
It was a mixed bag for crypto-adjacent companies, which either invest in crypto or offer digital-asset services. Retailer Overstock.com Inc. (OSTK)was down 0.9% for the day and 6.4% for the week. Michael Saylor's MicroStrategy Inc. (MSTR)was up 2.7% on Wednesday and 9.2% week to date.
Shares of financial services company Square (SQ) were rising 1.1% but down 0.3% on the week, and PayPal Holdings (PYPL)was up 0.5% on the day but trading 1.3% lower on the week thus far.
Elon Musk's Tesla Inc.(TSLA) was trading virtually unchanged on Wednesday but was looking at week-to-date gain of 0.8%. Musk has been a big supporter of crypto and a backer of meme asset dogecoin , which was changing hands at 25.89 cents, down 2% on the Kraken exchange.
Robinhood Markets Inc.(HOOD), which has said that it is showing an increase in the amount of revenue derived from crypto trading was down 0.1% on Wednesday and nursing a 0.2% weekly advance.
The rise in bitcoin and in a number of crypto-adjacent assets comes even as the Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite Index were trading lower
(END) Dow Jones Newswires
October 06, 2021 12:04 ET (16:04 GMT)
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