Bitcoin rises slightly as crypto stocks surge in rally led by Coinbase, Hut 8

Quick Take

  • Silvergate rose after reporting fourth-quarter earnings, while Bit Mining jumped on new machines.
  • Bitcoin floated above $21,000 for much of the day.

Bitcoin rose slightly by the U.S. close as crypto-related stocks ended the day largely higher in a rally led by Coinbase and Hut 8.

The largest cryptocurrency by market capitalization rose about 0.5% to $21,731.

Traditional markets were mixed, with the S&P 500 falling 0.2% and the Nasdaq up 0.1%. The Dow Jones slumped after Goldman Sachs missed earnings estimates.

BTCUSD chart by TradingView

Silvergate Capital shares pared big gains to close up 1%; it had rallied despite the firm's $1 billion fourth-quarter loss as business is intact, KBW analysts said. Earlier in the month, shares plummeted 40% after the company reported preliminary earnings on Jan. 5.

Coinbase rose 8.3%, Hut 8 was up 17% and MicroStrategy tacked on 8.7%.

Bit Mining closed up 37%, as most mining stocks rallied along with bitcoin. The company announced a new litecoin and dogecoin mining machine dubbed LD3 on Tuesday, having first publicized the launch on Jan. 9 on Twitter.

 


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