Why Bitcoin- And Ethereum-Related Stocks Are Ripping Higher

Cryptocurrency-related stocks including Coinbase Global Inc COIN, Marathon Digital Holdings Inc MARA and Riot Blockchain Inc RIOT are trading higher Wednesday morning amid a sharp increase in the price of Bitcoin BTC/USD and Ethereum ETH/USD.

The move appears to be technical, as Bitcoin bounced off support levels around $38,000 before surging higher. Crypto markets may also be moving higher in anticipation of the February CPI inflation data, set to be released March 10.

Coinbase is the leading cryptocurrency exchange platform in the United States. The stock was up 7.01%% at $173.44 at time of publication.

See Also: Why Coinbase Could Flush To New All-Time Low: A Technical Look

Marathon Digital is focused on mining digital assets. It owns cryptocurrency mining machines and a data center to mine the digital assets. The stock was up 10.1% at $24.61 at publication time.

Riot Blockchain is focused on building, supporting and operating blockchain technologies. At publication time, the stock was up 7.62% at $16.25.

$BTC, $ETH Price Action: Bitcoin was up 8.93% over a 24-hour period, trading at $41,987, while Ethereum was up 6.8% at $2,734.21.

Photo: Shutter_Speed from Pixabay.