Bitcoin rallies past $45k triggering crypto stock surge

Bitcoin staged a new year resurgence by topping $45,000 for the first time since April, sparking a crypto stock surge.

The crypto bellwether gained 3.7% to hit $45,801, while Ethereum and XRP also posted gains. Shares in crypto exchange Coinbase jumped 6.5% and crypto miner Marathon Digital climbed 15%. Software company MicroStrategy, which holds bitcoin, saw its stock price leap 10.3%.

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The digital asset boom follows bitcoin’s 155.7% surge last year amid growing hopes US regulators will approve a spot bitcoin ETF. The rally doubled the value of the MVIS CryptoCompare index in 2023. Crypto industry experts predict further gains if more institutional investors enter the space.