Why Bitcoin- And Ethereum-Related Stocks Are Rising

Cryptocurrency-related stocks, including Coinbase Global Inc COIN, Marathon Digital Holdings Inc MARA and Riot Blockchain Inc RIOT are trading higher Wednesday amid a spike in crypto prices, led by Bitcoin BTC/USD and Ethereum ETH/USD.

Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, surged higher alongside the broader markets after the Federal Reserve raised rates by 50 basis points on Wednesday, its first rate hike of at least half a percentage point in more than 20 years.

Coinbase is the leading cryptocurrency exchange platform in the United States. The company is set to report financial results after the market closes on May 10. Coinbase shares were up 5.49% at $130.15 at press time.

Marathon Digital is focused on mining digital assets. The company owns cryptocurrency mining machines and a data center to mine the digital assets. The company will report earnings results after the market closes. The stock was up 5.07% at $17.65 at last check.

Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was up 5.21% at $11.41 at press time.

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$BTC, $ETH Price Action: Bitcoin was up 5.76% over a 24-hour period and Ethereum was up 6.49% at time of publication.

Photo: SergDE from Pixabay.