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The huge correlation between some key Wall Street firms and the cryptocurrency ecosystem was brought to the fore as the broader crypto rejuvenation stirred an upshoot in some Bitcoin-linked stocks. Having suffered a month-on-month regression in the combined market capitalization, the global cryptocurrency market has been placed on a path of revival following impressive news of a plausible embrace of Bitcoin (BTC) by the e-commerce giant, Amazon.com Inc.
The Amazon news which was preceded by the firm placing a job advert for a crypto expert ahead of its Bitcoin payment integration push caused a massive buyup in Bitcoin with the coin’s price rising to a monthly high of $39,437.87 today. At present, Bitcoin is exchanging hands at $39,169.52, up 13.91% in the past 24 hours according to data obtained from CoinMarketCap.
The impressive run of Bitcoin and the premier cryptocurrency’s run toward the $40,000 price level has stirred a number of events in the ecosystem, some of which are not in the favor of the short-sellers. In the past 24 hours, over $1 billion of short positions were liquidated in the market.
Bitcoin Price Growth Implication: Publicly-Listed Stocks Mimicks the Run
The surge in the price of Bitcoin is also causing a renewed run in a number of Bitcoin-linked firms that trade on public bourses. A big example is MicroStrategy Incorporated, the firm renowned for keeping over 100,000 Bitcoins on its balance with an aggressive accumulation policy. The company’s stock which trades on the Nasdaq exchange is up 21.95% to $658.20 per share.
Other firms including the London Listed Argo Blockchain, Marathon Digital Holdings Inc, and Riot Blockchains are also up 21.92%, 18.51%, and 21.46% respectively. This firm’s daily growth is atypical of Wall Street surges and signals the likely emergence of a new dawn for Bitcoin and these stocks in general.
Robinhood Markets Inc, a US brokerage firm for stocks and crypto trading is also on track to benefit from this bullish run in Bitcoin price if sustained as it looks to price its Initial Public Offering (IPO) later on in the week. The accumulation of this sentiment from investors is poised to push BTC to break the $40,000 resistance point, an achievement that could unleash a new performance trend for Bitcoin and the crypto market for the rest of the month.
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