Why Crypto Stocks Skyrocketed Higher This Week
The crypto industry came to life this week driven by gains from Bitcoin (CRYPTO: BTC). Economic news this week was a bit mixed with a strong jobs report coming out on Friday after OPEC maintained oil production cuts earlier in the week. Bond yields rose as investors pushed out expectations for a rate cut.
According to data provided by S&P Global Market Intelligence, shares of Coinbase Global (NASDAQ: COIN) rose as much as 16.5% for the week, (NASDAQ: MSTR) was up as much as 12.7%, and Cipher Mining (NASDAQ: CIFR) rose 23.2%. Shares are up 9.8%, 5.9%, and 9.7% respectively as of 3 p.m. ET.
At different times, Bitcoin has been viewed as a hedge against the traditional economic system and an asset fueled by low interest rates like growth stocks. This week, it benefited from OPEC's announcement the most, which was interpreted by the market as a sign the economy isn't as strong as expected.
Source Fool.com
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