The Capital
Published in

The Capital

Bitcoin and Ethereum related stocks have risen in value recently, here’s why?

Ethereum

Coinbase Global, Inc. (NASDAQ: COIN), Marathon Digital Holdings, Inc. (NASDAQ: MARA), and Riot Blockchain, Inc. (NASDAQ: RIOT) have all seen their stock prices rise as the price of Bitcoin (CRYPTO: BTC) and the Ethereum virtual currency have risen (CRYPTO: ETH).

Monday morning, Bitcoin was trading at $65,920, an increase of 6.2 percent.

Monday morning, Ethereum was trading at $4,752 an ounce, an increase of 3%.

Currently selling at roughly $0.28, Dogecoin (CRYPTO: DOGE) is up 6.4 percent in the early going.

Market capitalization leaders Bitcoin (BTC) and Ethereum (ETH) are soaring after Australian authorities authorized a spot ETF based on the two cryptocurrencies.

Bitcoin and Ethereum spot exchange-traded funds (ETFs) have been authorized by the Australian Securities and Investments Commission (ASIC).

The Australian Securities and Investments Commission (ASIC) has issued recommended practices and standards for issuers.

Australian Securities Exchange-listed funds will be allowed to trade directly with the underlying asset values.

Following the introduction of a Bitcoin futures ETF, ProShares Bitcoin Strategy ETF BITO+0.02%, spot ETFs based on Bitcoin and Ethereum are projected to rise in popularity.

Bitcoin Trading

Taproot, a major update to Bitcoin’s privacy, efficiency, and smart contract capabilities, is expected to be implemented by the Bitcoin network in the next week, according to sources.

There was a new all-time high for ETH on Monday. At the time of publishing, it had risen 3.57 percent to $4,779.68.

66,974.77 is the all-time high for Bitcoin. At the time of writing, it was 6.18 percent higher at $66,067.

Despite the latest all-time high of $65,000, the value of Bitcoin fell below that level.

On Wednesday afternoon, Bitcoin hit a new all-time high of $68,000. After that, it immediately plummeted to below $65,000, where it stands as of this writing on Thursday.

Even though it has dropped from its most recent all-time high, the current price of Bitcoin still reflects a significant increase from the low $40,000 area witnessed in September.

The price of Ethereum surpassed $4,400 for the first time last month, just after Bitcoin’s all-time high.

Following China’s central bank’s prohibition on cryptocurrency transactions and mining, the two most popular cryptocurrencies, Bitcoin and Litecoin, saw precipitous decreases. Bitcoin’s price has fallen to below $50,000 after reaching a high of $52,000 in early September.

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