Riot Blockchain, Coinbase, and other cryptocurrency stocks gain as bitcoin nears $40,000

Bitcoin 2021
Bitcoin 2021

  • Stocks tied to the cryptocurrency space jumped in early morning trading Monday as bitcoin rallied near $40,000.
  • Bitcoin rallied to its highest point in over two weeks after Elon Musk tweeted Tesla would accept payment in crypto once mining uses cleaner energy.
  • Mining stocks Riot Blockchain, Marathon Digital Holdings, and Bit Digital jumped.
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Stocks tied to the cryptocurrency space jumped in early morning trading Monday as bitcoin rallied near $40,000.

Mining stocks Riot Blockchain and Marathon Digital Holdings climbed 8.19% and 7.7%, respectively. Meanwhile, cryptocurrency exchange Coinbase was up 2.8%.

Cryptocurrency stocks often move in tandem with bitcoin’s price. Bitcoin hit $39,746 on Monday – the highest point in over two weeks – after Elon Musk tweeted Tesla would accept the cryptocurrency as payment again once the energy used for mining shifts to more sustainable sources.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” the electric-vehicle maker CEO said in a tweet.

Bitcoin was trading 9.44% higher around $39,310 on Monday as of 8:30 a.m. ET.

Other crypto-focused names were trading higher Monday, with blockchain technology company Ebang holdings up 4.12% and mining company Bit Digital up 5.43%.

Read the original article on Business Insider