Crypto-Linked Stocks Are Moving Higher: What's Going On?

Several crypto-related stocks including Coinbase Global Inc COIN, Riot Platforms Inc RIOT and CleanSpark Inc CLSK are trading higher Tuesday amid an increase in the price of Bitcoin BTC/USD. 

What To Know: Bitcoin crossed the $40,000 level at the beginning of the month and has been stuck in a trading range throughout December. After bouncing off the lower end around $41,000, Bitcoin is moving to the upside again Tuesday morning. 

Much of the recent rally has been fueled by continued optimism surrounding a potential spot ETF. Expectations for rate cuts from the Federal Reserve in 2024 also appears to be helping boost the price of the world's largest cryptocurrency. 

Coinbase is the leading cryptocurrency exchange platform in the United States. The company is focused on building a more accessible, efficient and transparent financial system enabled by crypto. Coinbase shares were up nearly 2% at last check.

Riot Blockchain and CleanSpark are Bitcoin mining companies. Riot shares were up more than 4.25% Tuesday morning and CleanSpark shares were up about 3.3% at publication time.

Check This Out: Is Dogecoin Making a Comeback? Galaxy's New Report Shows Growing On-Chain Activity, Technical Indicators Turn Bullish Too

$BTC Price Action: Bitcoin was up about 4.2% over a 24-hour period at $42,926 at the time of publication, according to Benzinga Pro.

Photo: 15958319 from Pixabay.