Crypto: Crypto-related companies and funds jump after Biden signs executive order on cryptocurrencies
Shares of crypto-related companies and exchange traded products surged on Wednesday, after president Joe Biden signed an executive order requiring federal agencies to engage in a broad review of their policies related to cryptocurrencies and other digital assets, sparking hope of regulatory clarity.
Shares of Coinbase Global Inc.
gained 9.4%, trading at around $177.26 Wednesday noon. Michael Saylor’s MicroStrategy Inc.
jumped 8.4% to around $444.72.
Mining company Riot Blockchain Inc.
shares went up 11.2% to around $16.78 and shares of Marathon Digital Holdings Inc.
rose 13.5% to $25.40. Another miner, Ebang International Holdings Inc.
traded up 11.7% at $1.20.
In the fund space, ProShares Bitcoin Strategy ETF
gained 10% to $26.56 Wednesday, while Valkyrie Bitcoin Strategy ETF
was up 10.3% at $16.50. VanEck Bitcoin Strategy ETF
climbed to $41.7, up 10.4%.
Grayscale Bitcoin Trust
was trading at $28.63 Wednesday, up 12.2%.
logged a 9.9% gain over the past 24 hours, trading at around $42,228, according to CoinDesk data. Ether
jumped 8% over the past 24 hours to around $2,747.
Other risk-assets also climbed on hopes that diplomatic progress can be achieved between Russia and Ukraine to halt the devastating conflict unleashed by Moscow, with the Dow Jones Industrial Average
surging about 730 points, or 2.2%, at midday Wednesday.