Bitcoin and crypto-linked stocks surge as Bitcoin hits 1-Year high

Bitcoin topped $42,000 on Monday to reach its highest level since April 2022, sparking a rally in cryptocurrency-exposed stocks.

The world’s largest digital asset climbed 4% to $41,598, bringing its 2023 gains to over 150% as traders bet on potential US interest rate cuts and the imminent approval of stock market-traded bitcoin funds.

Read More News:
Gold prices whipsaw, traders bet on rate cuts

The price surge drove a jump in crypto-linked stocks, with Coinbase rising 7.3% pre-market after gaining 62% in November despite reporting declining volumes. Bitcoin miner Marathon Digital climbed 12%, adding to its double-digit November gains.

The rally suggests returning investor appetite after a disastrous 2022 that saw over $1 trillion exit the crypto sector amid high-profile collapses.