Crypto stocks news: COIN, MSTR lead gains as bitcoin (BTC) climbs above $70,000

Crypto-related equities experienced significant gains at the Wednesday open, recovering from Tuesday's selloff, driven by Bitcoin's surge above $72,000 for the first time in nearly a month. Coinbase (COIN) jumped over 12% to its highest price since late January, while MicroStrategy (MSTR), the largest corporate bitcoin holder, rose nearly 9%. Other crypto firms like Galaxy Digital, Robinhood, and Bitcoin miners also saw gains between 6% and 10%. This rally occurred as Bitcoin hit $72,600, a crucial level that had capped previous attempts to break higher. An analyst suggested that uncertainty slowing equity inflows might be causing capital to rotate into digital assets, viewing them as substitute risk-assets, though they cautioned that this outperformance might be temporary depending on inflation and energy price developments.

(Source：CoinDesk)