Why Bitcoin-Related And Ethereum-Related Stocks Are Moving Higher Today

Shares of several cryptocurrency-related stocks including Coinbase Global Inc COIN, Marathon Digital Holdings Inc MARA and Bitfarms Ltd BITF are trading higher in sympathy with the price of Bitcoin BTC/USD and Ethereum ETH/USD.

Following the introduction of a bipartisan infrastructure bill that would regulate reporting requirements for crypto transactions, U.S. Senators Pat Toomey, Ron Wyden and Cynthia Lummis introduced an amendment to the bill Wednesday.

“Digital assets are here to stay. While much more work needs to be done, this amendment is a responsible step toward fully incorporating digital assets into the U.S. financial sector," Lummis said in a statement.

The major upgrade to the Ethereum network called Ethereum Improvement Protocol 1559, or EIP-1559, went into effect today. 

Reports suggest the upgrade will make transaction fees more stable and predictable, as well as reduce the total supply of ether tokens through the introduction of a "burn" feature. The new Ethereum network is also expected to reduce the required energy for mining. 

Coinbase Global is a provider of end-to-end financial infrastructure and technology for the crypto-economy.

Marathon Digital is focused on mining digital assets. It owns crypto-currency mining machines and a data center to mine the digital assets.

Bitfarms owns and operates blockchain farms that power the global decentralized financial economy.

Price Action: Bitcoin is up 39.97% year-to-date, while Ethereum is up 279.76% year-to-date.

At last check Thursday, Coinbase was up 5.34% at $257.40, Marathon Digital was up 7.94% at $31 and Bitfarms was up 12.30% at $5.32.

Photo by Ricardo Goncalves from Pixabay.