Seeking Alpha
2022-05-17 14:18:38

Cryptocurrency stocks climb as bitcoin drifts over $30K in risk-on day

Cryptocurrency-focused stocks like MicroStrategy (NASDAQ:MSTR), Silvergate Capital (NYSE:SI) and HIVE Blockchain (HIVE) are gaining some ground in Tuesday morning trading, as bitcoin (BTC-USD) edges over $30K following a deep selloff triggered by Terra's (LUNA-USD) (UST-USD) collapse last week. Bitcoin (BTC-USD +3.1%) is rising to $30.4K as of shortly before 10:30 a.m., though still off more than 35% YTD. ET. Ethereum (ETH-USD +4.4%) is also perking up to $2.09K but down 45% YTD. Since bitcoin's correlation with the stock market has been increasingly robust over the past year, it's important to note that all three major U.S. stock market indices are in the green, with the tech-heavy Nasdaq (COMP.IND) rising the most. “Small amounts of dip buying tentatively gave Bitcoin a boost, but too much of the retail and institutional world still have massive wounds from the recent collapse,” Oanda Senior Market Analyst Edward Moya wrote in a note, as quoted by Bloomberg. Looking at

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.