Riot Platforms Inc RIOT shares are trading higher by 6.3% to $9.59 Thursday afternoon. Shares of crypto-related stocks are trading higher amid a rise in Bitcoin.
Riot Platforms may also be trading higher in sympathy with crypto exchange Coinbase after the company received regulatory approval to enable retail perpetual futures trading.
Why It Matters
Regulatory approval for new cryptocurrency products and services, especially from a reputable platform like Coinbase, can generate positive sentiment in the broader cryptocurrency industry. This positive sentiment can lead to increased interest and investment in cryptocurrency-related stocks like Riot Blockchain.
The availability of new trading products often reflects the growing adoption of cryptocurrencies. As more traders and investors participate in the crypto market, there may be increased demand for mining services and infrastructure, which Riot Blockchain provides.
See Also: Ethereum Moves Higher Following Economic Reports; Bitcoin Cash Emerges As Top Gainer
Hear from cryptocurrency traders and experts on where the future is headed and how Bitcoin use cases have changed over the years. Benzinga's Future of Crypto 2023 hits New York City on Nov. 14, 2023. Get Tickets Today!
According to data from Benzinga Pro, RIOT has a 52-week high of $20.65 and a 52-week low of $3.25.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
