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Crypto Stocks Gain as Bitcoin Tops $72K for First Time Since March

April 8, 2024 By News Team

U.S. crypto-related stocks looked set to start the week on a positive note after bitcoin (BTC) climbed through $72,000 for the first time since mid-March as its reward halving draws closer.

Coinbase (COIN), the only U.S. traded crypto exchange, added 4.9% in pre-market trading, MicroStrategy (MSTR), the largest corporate holder of bitcoin, rose 10% and BlackRock’s bitcoin exchange-traded fund (IBIT), added around 6.5%.

The CoinDesk 20 Index, a measure of the broader crypto market, rose 3.1% over 24 hours.

The halving, which cuts the amount bitcoin miners are paid for adding blocks to the blockchain by 50%, is on track for April 20. After it occurs, they will be rewarded with 3.125 BTC per block.

Among miners, Marathon Digital (MARA) added 5.2% and Hut 8 (HUT), which merged with USBTC at the end of last year, gained 5.6%. Argo Blockchain (ARB), trading on the London Stock Exchange, rose 5%.

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