From Investing.com: 2024-04-08 07:17:02

Shares of companies in the cryptocurrency industry surged as Bitcoin broke past $71,000 for the first time since mid-March. Coinbase saw a 4.9% pre-market increase, MicroStrategy climbed 10%, and the BlackRock bitcoin ETF enjoyed a 6.5% boost. The total crypto market cap reached $2.69 trillion, up 3.96% in the last 24 hours.

Investor enthusiasm and inflows into crypto ETFs have fueled the surge in crypto-related stocks and Bitcoin’s price. The upcoming Bitcoin halving on April 20, which will reduce mining rewards by 50%, is a key focus. This event historically leads to a surge in Bitcoin’s price by limiting its supply.

Cryptocurrency miners such as Marathon Digital, Hut 8 Corp, and Argo Blockchain PLC ADR saw notable gains. Futures tracking Bitcoin have maintained record high open interest, signaling traders are increasing leveraged bets to capitalize on expected price swings. Certain tokens and projects within the Bitcoin ecosystem are also seeing increases in anticipation of a post-halving rally.

Read more at Investing.com.: Crypto-related stocks rally as Bitcoin price rises above $71K By Investing.com