Why Why Crypto-Related Stocks MicroStrategy, Argo Blockchain And Bit Digital Are Moving Higher

Several crypto-related stocks including MicroStrategy, Inc. MSTR, Bit Digital, Inc. BTBT and Argo Blockchain, Plc. ARBK are climbing on Wednesday fueled by gains in the crypto market, led by Bitcoin BTC/USD and Ethereum ETH/USD.

What To Know:

The crypto market is moving higher after multiple positive developments including the launch of a new exchange, EDX Markets. The EDX Markets exchange is backed by some traditionally respected and well-known names in the finance world including Charles Schwab, Fidelity and Citadel Securities. 

The EDX Markets launch comes just days after BlackRock filed an application for a spot Bitcoin ETF. BlackRock has an outstanding record of approvals on ETF applications, and if approved, the Blackrock spot Bitcoin ETF would be the first in the U.S.

MicroStrategy is an analytics and business intelligence company. The stock was up nearly 6% at $332.03 at the time of publication.

Argo Blockchain is a UK-based blockchain company that provides a platform for cryptocurrency mining operations. The stock was up over 20% at $1.40 at last check.

Bit Digital is a digital asset mining company with operations in the U.S. and Canada. Shares were up over 5% at $4.06 on Wednesday.

Related News: Why Ocean Biomedical (OCEA) Shares Are Climbing Wednesday

BTC and ETH Price Action: According to Benzinga Pro, Bitcoin is trading 11% higher over a 24 hour period at $30,302.88 and Ethereum is 8.5% higher at $1855.51 at the time of publication.

Image: WorldSpectrom from Pixabay