Bitcoin price surge caused crypto-related stocks' price to rally

27 Jun, 2019 | Updated: 27 Jun, 2019
by Fifi Arisandi
Bitcoin price surge caused crypto-related stocks' price to rally

Bitcoin price surge caused a rally to various crypto-related stocks price, such as Inc., Grayscale Bitcoin Trust and MGT Capital Investment Inc. 

Bitcoin price has been seeing a surge breaking above $13,000 a couple of hours ago, before dropping to the current level of $12,800.

According to Bloomberg, crypto-linked stocks price can be seen of rallying as the price surge happened yesterday.

In Wednesday trading, MGT Capital Investments Inc’s stock price skyrocketed by 55%, DPW Holdings Inc. soared high by 45%, and Grayscale Bitcoin Trust BTC rose by 17%.

Meanwhile, other crypto-related stocks, such as Riot Blockchain Inc. also saw an impressive 20% gain, Inc. was up by 21% and Marathon Patent Group was gaining by 20%.

Analyst believes that Bitcoin is surging due to the fresh optimism as Facebook’s cryptocurrency project has become clearer along with Bitcoin's established image as a “digital version of gold”. At the same time, the current geopolitical tension and dropping bond yields may have drawn investors into alternative assets.

Moreover, Tether's getting off the hook and Libra’s gaining huge institutional interest are also said to be the catalysts for Bitcoin to break above key resistance last May.

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Read more about: Bitcoin (BTC)

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