These companies were pleased to see a decrease in the price of cryptocurrency.
Today’s rise in the prices of Ethereum and Bitcoin saw shares of Wall Street companies with exposure to cryptocurrency surged.
According to CoinMarketCap data, Polygon’s MATIC was the leader in cryptocurrency prices. It rose 22% over the course of the day. Ethereum was up 10.5% in the last 24 hours to close $1,500. This is more than 30% weekly gain, while Blockchain gained just 4.5% above $22,000 at the time of writing.
This is a significant shift in an otherwise bleak bear markets for traders and investors. As a result of worsening macroeconomic conditions, and the possibility of a recession, Bitcoin and Ethereum have fallen by close to 70% from their highs. Even if it is temporary, this appetite seems to be back today.
Marathon Digital Holdings, Inc., a publicly traded company that specializes in cryptocurrency mining, saw its stock price soar 22% to $9.82, from $8.83. According to Nasdaq data, its trading volume more than tripled daily.
According to Nasdaq shares of Coinbase rose 9% to $59 on the day, despite an email sent to influencers about its affiliate-marketing program. The company stated that the program will end tomorrow due to the bear market in digital assets prices.
According to data from CoinMarketCap, 30% of Coinbase’s volume in the last 24 hours was Ethereum trades and 20% was Bitcoin trades.
This company is among many companies involved in crypto, and faces financial headwinds due to a drop in the price most digital assets. Both Robinhood as well as Coinbase, which are both publicly traded, have announced layoffs. Coinbase let go 18% last month.
MicroStrategy Incorporated holds 129 699 Bitcoins. rose to $246.55, before plummeting to $227.27. The software manufacturer’s stock price increased by 6% that day. A recent tweet by company CEO Michael Saylor shows that the company spent almost $4 billion to build up its Bitcoin stash.
According to Nasdaq, Bit Digital, Inc. saw a rise in its stock price to 1.70, an increase of nearly 5%.
Riot Blockchain, which also focuses its efforts on Bitcoin Mining, saw its shares rise 12% from $6.24 at time of writing. This despite the fact that had recently stopped Texas operations due to a heat wave, and selling more Bitcoin than it produced during May.
Block Inc., previously known as Square, was less popular with traders. The San Francisco-based payment solution company’s shares rose slightly above 1% to $66.81.
Robinhood Markets, Inc., , a stock trading platform that allows users to invest crypto currencies, saw a similar increase of 2%, to $8.60, on a lower volume.