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Crypto-Related Companies Follow Bitcoin's $47,000 Run

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Fri, 10/01/2021 - 14:24
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Arman Shirinyan
Bitcoin took its stock-buddies up with it
Crypto-Related Companies Follow Bitcoin's $47,000 Run
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Bitcoin's pullback to $40,000 was not a pleasant occasion for either the cryptocurrency or crypto-adjacent markets. In addition to altcoins, crypto-related companies have also begun to follow Bitcoin since the listings of their stocks. Marathon Digital Holdings, Riot Blockchain and Bit Digital have all followed Bitcoin's moves on premarket trading. 

Cryptocurrency's rally was supported by the aforementioned companies with an average 7% price increase. Currently, the "crypto stock gang" leader is Galaxy Digital Holdings Ltd. with 10% growth after opening.

While September was a notably worse month than August or May, the cryptocurrency has still managed to return around 26% in the third quarter. But at the same time, numerous digital assets-related companies, like Riot Blockchain, plunged by more than 30% in September, with its worst quarterly performance since 2019.

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U.S. Fed Has No Plans to Ban Crypto, Gold-Backed Stablecoin to Be Launched on Cardano: Crypto News Digest by U.Today

One of the most popular companies among both stock and crypto investors - Coinbase - showed negative results in the last month with a 16% plunge throughout the month. The negative action on both stocks and cryptocurrency markets was followed by the restriction of all crypto-related transactions in China. Even though market participants' sentiment remained neutral, Bitcoin still faced major selling pressure, which also spread to related stocks and altcoins.

Coinbase Daily
Source: TradingView

Previously, Federal Reserve Chair Jerome Powell stated that he had no intention of banning cryptocurrencies or digital assets-related transactions. The crypto market took the news positively and reacted with overall 10% growth.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.