© Reuters Why Bitcoin-, Ethereum- And Dogecoin-Related Stocks Are Popping Off
Benzinga – Bitfarms Ltd (NASDAQ: BITF), Coinbase Global Inc (NASDAQ: COIN) and Marathon Digital Holdings Inc (NASDAQ: MARA) shares are all trading higher Monday afternoon. Shares of crypto-related stocks are trading higher amid strength in cryptocurrencies.
Crypto may be higher in sympathy with the broader U.S. market after President Joe Biden Monday morning reassured Americans about the stability of the financial sector on Monday morning following the recent collapse of SVB Financial Group (NASDAQ: SIVB), Signature Bank (NASDAQ: SBNY) and Silvergate Capital Corp (NYSE: SI).
Our Benzinga team reported, in his address, Biden emphasized that all bank customers will have access to their funds.
“All customers who had deposits in these banks can rest assured they’ll be protected, and they’ll have access to their money as of today, Biden said. “No losses will be borne by the taxpayers. Instead, the money will come out of the fees the banks pay into the deposit insurance fund.”
See Also: Biden Addresses FDIC Bank Takeovers: ‘The Banking System Is Safe’
Price Action
Marathon Digital focuses on mining digital assets. It owns crypto-currency mining machines and a data center to mine digital assets. The company operates in the digital currency blockchain segment and its cryptocurrency machines are located in Canada.
Marathon Digital shares are trading higher by 17.35% at $6.26.
Bitfarms is a bitcoin self-mining company. It runs vertically integrated mining operations with in-house management.
Bitfarms shares are trading higher by 12.80% at $0.80.
Coinbase is a provider of end-to-end financial infrastructure and technology for the crypto-economy.
Coinbase shares are trading higher by 8.96% at $58.23.
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