Cryptocurrencies and crypto-related stocks moved higher on Wednesday as more traditional financial companies are jumping into the space. The price of the world's largest cryptocurrency, Bitcoin, had blasted over $30,600 as of this writing.

Since late afternoon yesterday, the price of Bitcoin Cash (or BCH, a cryptocurrency created in August 2017 in a hard-fork blockchain split from Bitcoin) was more than 21% higher as of 12:35 p.m. ET today. Meanwhile, shares of the Bitcoin-mining companies CleanSpark (NASDAQ: CLSK) and Hut 8 Mining (NASDAQ: HUT) were up more than 13% and roughly 10.5%, respectively, on the day.

In recent weeks, the Securities and Exchange Commission (SEC) has come down hard on the crypto industry, first suing Binance, the world's largest crypto exchange, and then Coinbase Global (NASDAQ: COIN). This comes after two crypto banks have gone down since the latter part of 2022. 

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Source Fool.com