Why Are Crypto-Related Names Like Marathon Digital And Coinbase Rising Today?

Shares of several crypto-related stocks including Marathon Digital Holdings Inc MARA, Riot Platforms Inc RIOT and Coinbase Global Inc COIN are trading higher Tuesday as Bitcoin BTC/USD bounces back and continues to move higher following a recent pullback. 

What Happened: Bitcoin crossed the $30,000 mark for the first time since June 2022 last week, which helped spark upward momentum in several cryptocurrencies including Ethereum ETH/USD and Dogecoin DOGE/USD. 

On Monday, Bitcoin pulled back, falling below $30,000 and trading down toward $29,000. It's moving higher again Tuesday and has once again crossed above the key $30,000 level. 

Some bulls have been calling for a continued move to the $36,000 level. If Bitcoin breaks through its highs from the weekend around $31,000, it could see another strong push higher. 

Marathon Digital is engaged in mining digital assets. The company owns mining machines and a data center for digital assets. The stock was up 5.85% at $12.12 at the time of writing.

Riot Blockchain is a Bitcoin miner focused on building, supporting and operating blockchain technologies. It was up 5.18% at $13.60 at last check.

Coinbase is the leading cryptocurrency exchange platform in the United States. Coinbase shares were up 3.54% at $70.12 at time of publication. 

See Also: Elizabeth Warren Blasts Bitcoin Mining For Hurting American Wallets And Enriching Crypto Execs

$BTC Price Action: Bitcoin was up 3.13% over a 24-hour period at $30,405 at the time of writing, according to Benzinga Pro.

Photo: EivindPedersen from Pixabay.