Crypto Stocks Rally With Tesla Pushing Bitcoin Above $44,000

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.

Crypto Stocks Rally With Tesla Pushing Bitcoin Above $44,000

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%.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.