Shares of cryptocurrency-related companies, including Coinbase Global (COIN) and MicroStrategy (MSTR), saw notable gains on Monday as Bitcoin (BTCUSD) rebounded from a recent decline.
By Monday afternoon, Bitcoin had surged past $56,000, recovering from a drop to around $52,600 on Friday. Despite this rebound, Bitcoin’s price remains below its peak of nearly $58,000 observed on Wednesday. The volatility in Bitcoin’s value has been reflected in the performance of related stocks.
Coinbase, a major cryptocurrency exchange, saw its shares rise by 4% by Monday afternoon. MicroStrategy, a software firm with significant Bitcoin investments, experienced an 8% increase in its stock price. However, both stocks have yet to recover to their levels from earlier in the week.
Cleanspark and Marathon Digital Also See Gains
The upward trend extended to Cleanspark (CLSK) and Marathon Digital (MARA), two companies involved in Bitcoin mining. Cleanspark’s shares increased by 5% Monday afternoon, while Marathon Digital’s stock rose by 9%.
Bitcoin’s recent volatility may be indicative of a broader market reaction to investor sentiment. The weaker-than-expected jobs report for August, released on Friday, has raised concerns about a potential economic slowdown, leading investors to reconsider their positions in riskier assets.
