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Seeking Alpha 2022-08-23 14:21:00

MicroStrategy, Riot, HIVE stocks turn higher as bitcoin holds up stronger than equities

A great deal of cryptocurrency-related stocks such as MicroStrategy (NASDAQ:MSTR), Riot Blockchain (NASDAQ:RIOT) and HIVE Blockchain Technologies (NASDAQ:HIVE) have rebounded a bit in Tuesday morning trading as bitcoin (BTC-USD) and other major digital tokens catch a bid. The price of bitcoin (BTC-USD) rose 2% to $21.62K as of shortly before 10:30 a.m. ET, up from an intraday low of $20.9K, signaling a blimp of increased bullish sentiment in risk assets. Ethereum (ETH-USD), the second largest crypto by market cap, perked up 5.1% to $1.64K. Meanwhile, all three major stock indices increased, though not to the same magnitude as cryptos, with the tech-heavy Nasdaq (COMP.IND) +0.7%, S&P 500 (SP500) +0.4% and Dow Jones (DJI) +0.1%. The relatively quiet session comes as traders prepare themselves for the much-awaited Fed's Jackson Hole meeting starting Thursday. Markets are largely expecting a hawkish tone coming from that gathering amid stubbornly high inflation, but if Fed chair Jerome Powell, who will speak Friday, delivers an even slightly dovish message, there's a chance that risk assets can bump up. Crypto-focused stock making the biggest upside moves include: Marathon Digital (MARA) +7%, HIVE Blockchain (HIVE) +8.3%, Core Scientific (CORZ) +6.8%, Bakkt Holdings (BKKT) +4.7%, MicroStrategy (MSTR) +4.3%, Riot Blockchain (RIOT) +4.7% and Hut 8 Mining (HUT) +6.3%. Earlier this week, (August 22) bitcoin, ether slide as rising Treasury yields fuel lower risk asset prices. 

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