Marathon Digital Holdings Inc., (MARA), experienced a significant surge of over 11% on Monday afternoon, following the rise of crypto stocks in response to Bitcoin’s gains. Despite facing bearish pressure from miner and government wallets selling, the price of Bitcoin broke above $63,000 on July 1. Although it later retreated below this level, the positive sentiment that boosted altcoins also spilled over to the crypto stocks market.
Currently, Bitcoin is trading around $63,182, reflecting a 2.8% increase in the past 24 hours. Analysts are optimistic about the possibility of a rebound for Bitcoin in July.
At 12:30 pm ET on July 1, market data revealed that shares of Marathon Digital soared by 11% to reach $22.01. The stock had already surpassed $20 the previous week when the Bitcoin miner announced its mining of Kaspa (KAS). With today’s gains, the stock is on track to reach its previous highs from May and March of this year. These highs coincided with significant movements in BTC, which reached an all-time high above $73,000 in March.
As MARA stock experienced double-digit spikes, shares of Coinbase Global, Inc. (COIN) also saw a rise, surpassing $230. At the time of writing, the crypto stock had increased by 4% and exhibited significant fluctuations due to Coinbase Prime-related news. On July 1, the U.S. Marshals Service announced Coinbase Prime as its provider of custody and advanced trading services for digital assets. Year-to-date, COIN has gained 47%, slightly outperforming Bitcoin’s 43% price gains during the same period.
On another note, Riot Platforms, Inc. (RIOT) recorded a 5% spike in its shares, overcoming recent sell-off pressure. On June 13, RIOT traded at $10.98, but due to its battle to acquire rival Bitfarms, its shares dropped to a low of $9.03. Year-to-date, Riot shares have declined by 37%, underperforming Bitcoin and the S&P 500, which has experienced over a 15% increase as of 12:30 pm ET on Monday. Bitfarms stock also remained slightly in the red.