Crypto Stocks Rally With Tesla Pushing Bitcoin Above $44,000
(Bloomberg) -- Cryptocurrency-exposed stocks soared on Monday along with Bitcoin, which extended a weekend rally after Tesla Inc. said it invested $1.5 billion in the currency and will start accepting it as a form of payment.
Bitcoin rose as much as 16% to an all-time high of $44,795.20 on the news.
MicroStrategy Inc. jumped as much as 19% to the highest since 2000; Marathon Patent Group Inc. climbed as much as 34% to the highest since November 2017; Riot Blockchain Inc. surged as much as 33%; Bit Digital Inc. climbed as much as 25%; Ebang International Holdings Inc. added as much as 9.9%; and Silvergate Capital Corp. rose as much as 24% to a record.
In London, Argo Blockchain Plc rose as much as 23% and On-Line Blockchain Plc surged as much as 27%.
PayPal Holdings Inc. added as much as 4.9%, also hitting a fresh record. Shares of the payments platform have gained nearly 40% since it said in October that it would allow customers to buy, hold and sell cryptocurrencies directly from their PayPal account, marking a big step forward for the industry. PayPal climbed further last week after earnings shed light on its crypto initiatives.
Square Inc,. which is led by Bitcoin advocate Jack Dorsey and which put $50 million in Bitcoin on a crypto “empowerment bet” in October, gained as much as 9.9% to a fresh record.
Dogecoin, the once tongue-in-cheek cryptocurrency, hit a record on Monday as well, after Tesla Chief Executive Elon Musk, rapper Snoop Dogg and Kiss bassist Gene Simmons all tweeted about it. Tesla shares gained as much as 3%.
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