By Frances Yue
Major crypto-related stocks and funds rallied Tuesday as bitcoin climbed 3%, and the Dow Jones Industrial Average jumped more than 700 points.
The largest cryptocurrency is trading at around $20,089, according to CoinDesk data. The Dow rose 2.4% to 30,204, and the S&P 500 gained 2.7% to 3,778, according to FactSet data. The Nasdaq Composite went up 3% to 11,153.
Stock indexes extended the Monday gains amid hopes that global central banks may slow down their interest rate hiking plans.
See:If Powell "gives up this fight, you're going to see Bitcoin and other assets take right back off," said Galaxy Digital CEO Michael Novogratz
Following such leads, Coinbase Global Inc.(COIN) shares on Tuesday surged almost 10% to around $72.32, and Michael Saylor's MicroStrategy Inc.(MSTR) shares advanced 8.9% to $244.04.
Shares of mining company Riot Blockchain Inc.(RIOT) shares added 7.4% to $7.69, and that of Marathon Digital Holdings Inc.(MARA) rallied 15% to $12.65. Another miner, Ebang International Holdings Inc.(EBON) gained 5% to $0.44.
Advanced Micro Devices Inc. (AMD) shares hiked 4% to $68.71.
Among crypto funds, ProShares Bitcoin Strategy ETF (BITO) went up 3.2% to $12.45 Thursday, while its Short Bitcoin Strategy ETF (BITI) lost 3.2% to $36.87.
Valkyrie Bitcoin Strategy ETF (BTF) traded 3.1% higher at around $7.75, and VanEck Bitcoin Strategy ETF (XBTF)climbed 3.7% to $19.79.
Grayscale Bitcoin Trust (GBTC) posted a 4.5% gain to $12.19.
(END) Dow Jones Newswires
October 04, 2022 10:51 ET (14:51 GMT)
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