Crypto stocks rise premarket as Bitcoin hits over seven-month high
Investing.com -- Crypto-linked stocks climbed in premarket trading Monday, tracking a sharp rebound in Bitcoin, which reached its highest level in more than seven months.
The world’s largest cryptocurrency extended its recovery after a U.S. regulatory decision expanded the scope for on-chain trading of tokenized stocks, while falling oil prices helped ease broader inflation worries. Investors also appeared to look past the hawkish tone that followed last week’s Federal Reserve rate increase, which lifted the benchmark rate to 4.00%.
Bitcoin was last up 5.1% at $84,435.90 as of 06:17 ET (10:17 GMT), bringing its weekly gain to roughly 5%. The token had briefly dropped below $76,000 in the wake of the Fed’s decision before rebounding over the weekend.
Crypto-related equities followed suit. MicroStrategy jumped about 7% in premarket trading, while Coinbase and Robinhood rose 4.8% and 3.7%, respectively. Bitcoin miners also advanced, with Mara Holdings and Riot Platforms each gaining nearly 5%, Hut 8 up 4.8%, and CleanSpark rising 4.3%.
The rally follows a decision last Thursday by the U.S. Securities and Exchange Commission to grant a temporary five-year exemption allowing qualifying trading venues to offer tokenized U.S. stocks on blockchain-based platforms, subject to certain conditions. The agency said the move was designed to support innovation while preserving investor protections.
The decision has bolstered expectations that traditional financial markets could become more closely intertwined with blockchain infrastructure, a shift that lifted crypto-related stocks and several major digital tokens. The crypto stocks posted strong gains on Friday following the announcement.
