Crypto stocks

Shares of crypto miners and bitcoin-tracking companies rose on Friday as the world's largest cryptocurrency extended a recent rally to touch a near 19-month high on improving risk appetite. Bitcoin, up 1.6% at $38,337, has been gaining since October on optimism that a potential approval of a spot exchange-traded fund is likely to unleash more capital investments in the digital asset sector. "Tailwinds have been gathering strength all year, especially in recent months, as spot ETF expectations build, the Binance uncertainty is resolved, and 2024's accelerated money printing becomes more inevitable," crypto-focused economist Noelle Acheson said, referring to the bitcoin rally. Shares of bitcoin miners - whose profitability improves as bitcoin climbs - including Riot Platforms, Marathon Digital and TeraWulf rose between 1.7% and 4%.

J.P.Morgan raised its price targets on Cipher Mining, CleanSpark, Iris Energy, Marathon Digital and Riot Platforms to reflect the rally in bitcoin. The mining companies are also increasing production before bitcoin's "halving" event next year, when rewards for producing the tokens are cut in half.

Read more at: https://economictimes.indiatimes.com//markets/cryptocurrency/crypto-podcast/crypto-stocks-set-to-start-december-on-high-note-as-bitcoin-hits-near-19-month-high/articleshow/105662392.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst