Why Shares of Coinbase, Silvergate Capital, and Riot Blockchain Are Rising Today
Shares of several crypto stocks are rising today after a good weekend for Bitcoin (CRYPTO: BTC), which seems to be moving higher due to investors' belief that inflation has peaked. As of this writing, the price of Bitcoin has risen 4.4% over the last 24 hours.
Shares of the large crypto exchange Coinbase (NASDAQ: COIN) were trading roughly 6.5% higher at 11:15 a.m. ET today. Shares of the crypto bank Silvergate Capital (NYSE: SI) were trading more than 3% higher, and shares of the Bitcoin miner Riot Blockchain (NASDAQ: RIOT) were trading nearly 9% higher.
Investors are gearing up for new inflation data this week that could show inflation has peaked, at least to some degree. On Wednesday, the U.S. Bureau of Labor Statistics (BLS) will report the latest reading of the Consumer Price Index (CPI), which tracks the prices of a wide range of daily consumer goods and services. Investors use the CPI as a key way to gauge inflation.
Source Fool.com
