Markets
Marathon Digital Share Price Rises as Cryptocurrency Market Soars
Marathon Digital Holdings Inc. (MARA) surged more than 11% on Monday afternoon as cryptocurrency stocks rose sharply to reflect Bitcoin (BTC) gains.
After battling bearish pressure amid miner and government wallet sell-offs, bitcoin price surpassed US$63,000 on July 1st. While the flagship cryptocurrency pared gains to return below that mark, the positive sentiment that also drove altcoins higher resonated across the cryptocurrency stock market.
BTC traded around $63,182 at the time of writing, up 2.8% in the last 24 hours. Analysts Suggest Bitcoin Could Be towards a recovery in July.
MARA and COIN shares rise
As of 12:30 p.m. ET on July 1, market data showed Marathon Digital shares were up 11% to $22.01.
The stock rose above $20 last week when the Bitcoin miner announced it was mining Kaspa (KAS) and today’s gains see the stock aiming for the highs seen in May and March of this year. These highs also coincided with notable moves for BTC, which reached an all-time high above $73K in March.
As MARA shares soared double digits, Coinbase Global, Inc. (COIN) shares rose to trade above $230. At the time of writing, the crypto stock was up 4%, fluctuating sharply amid news related to Coinbase Prime.
On July 1, the U.S. Marshals Service announced Coinbase Prime as your advanced trading and custody services provider for digital assets.
COIN is up 47% year-to-date, slightly more than Bitcoin’s 43% price gains over the same period.
RIOT shares rise, but continue to underperform BTC
Elsewhere, Riot Platforms, Inc. (RIOT) saw a 5% increase on the day, having shrugged off recent selling pressure. On June 13, RIOT was trading at $10.98, but amid its fight to take control of rival Bitfarmssaw its shares plummet to lows of $9.03.
Riot shares are down 37% year to date, underperforming Bitcoin and the S&P 500, which is up more than 15% as of 12:30 p.m. ET on Monday. Bitfarm shares were also in the red.