Pre-Market Surge: Bitcoin-Related Companies Soar Amidst BTC Approaching $46K

U.S.-listed companies seized the bullish wave propelled by Bitcoin's surge, garnering substantial pre-market gains, with standouts including COIN, MSTR, MARA, and RIOT.

As 2024 commenced, Bitcoin, the preeminent cryptocurrency globally, breached the $45,000 threshold, marking its highest point in 21 months. Within the past 24 hours, Bitcoin (BTC) showcased formidable growth, surging by over 7% to reach approximately $45,600, a level not witnessed since April 2022. This bullish trajectory translated into noteworthy gains for U.S.-traded companies closely tied to Bitcoin, namely crypto exchange Coinbase (COIN), software developer MicroStrategy (MSTR), renowned for its substantial Bitcoin holdings, and mining firms Marathon Digital (MARA) and Riot Blockchain (RIOT), all exhibiting significant pre-market upswings.

At the time of this writing, Coinbase registered a 6.34% increase, trading at $184.95, while MicroStrategy showcased an impressive gain of over 9%, reaching $689.84. Marathon and Riot experienced surges of more than 10%.

The recent upsurge in Bitcoin's valuation mirrors the escalating anticipation surrounding the potential approval of a spot BTC exchange-traded fund (ETF) in the United States. A December 30 Reuters report hinted that the Securities and Exchange Commission (SEC) could potentially notify ETF sponsors as early as Tuesday about the approval of their applications, amplifying the positive sentiment within the market.

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