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The anticipated Bitcoin halving and potential ETF approvals have lit “some serious fire in the cauldron” for crypto, said Zerocap investment chief Jon de Wet.
Publicly traded crypto firms have notched triple-digit percentage returns in 2023 and closed in the green on Dec. 4, with Bitcoin (BTC) reaching a new year-high of over $42,000.
Crypto exchange Coinbase closed the day at just over $141, a 5.5% gain and a 320% rise from its price at the start of 2023, according to Google Finance data.
A visual map of the one-day price of S&P 500 stocks shows mixed results on Dec. 4 Source: Finviz
Crypto investment firm Galaxy Digital Holdings posted a daily gain of nearly 12% and is up 155% YTD. MicroStrategy — with the largest Bitcoin holdings of any public company valued at over $6.6 billion — saw a daily gain of over 6.5% and a YTD rise of 288%.
It comes despite the broader North American stock market seeing a mixed bag of gainers and losers on Dec.
The crypto-related stocks are well below their all-time highs, however.
IG Australia market analyst Tony Sycamore told Cointelegraph the crypto-related stock rally is “coming off the back of Bitcoin’s spectacular gains in recent months,” which is up nearly 152% YTD and is closing in on $42,000, already hitting a 19-month high.
Sycamore said investors see crypto stocks as a way to gain crypto exposure until the United States approves spot Bitcoin exchange-traded funds (ETFs).
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