Bitcoin-adjacent stocks boom as BTC surges, other US equities remain flat

On Jul 3, 2023

Quick Take

In a noteworthy development, Bitcoin has surged past the $31,000 mark. However, in stark contrast, both the Nasdaq and the S&P 500 indexes remained relatively unchanged, further emphasizing Bitcoin’s apparent negative correlation with traditional equity markets.
In addition, companies heavily invested in Bitcoin have also seen a significant uptick. MicroStrategy and Coinbase, both prominent players in the digital currency market, have experienced a 10% increase in their respective stock prices.
Meanwhile, Bitcoin mining stocks are enjoying a particularly successful period, with significant double-digit gains. Notable gainers in this sector include companies like IREN, MARA, and RIOT.