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Bitcoin Price Reaches New High, Boosting Crypto Stocks

Crypto-related stocks have experienced a significant surge as Bitcoin's price reached its highest point since June 2022. Bitcoin miners recorded the largest percentage of stock gains on Monday.

Bitcoin logo and Dollars
Bitcoin logo and Dollars

Top Gainers: Marathon Digital, Coinbase, and MicroStrategy

Marathon Digital (MARA), Coinbase (COIN), and MicroStrategy (MSTR) are among the big movers, with Bitcoin (BTC) rising over 4% to top $29,200 for the first time since June 10, 2022. Riot Platforms (RIOT) and Hut 8 Mining (HUT) has also advanced by 13% and 10%, respectively.

Coinbase and MicroStrategy Stock Performance

Crypto exchange Coinbase (COIN) experienced a 5.5% increase, while MicroStrategy (MSTR), which owns 140,000 Bitcoin, gained more than 6% on Monday.

Bitcoin's Steady Movement and Upcoming CPI Data

Before the recent surge, Bitcoin's price had been locked in a tight range of around $28,000 for about ten days. No specific news appears to be driving Monday's significant gains. The upcoming release of the March consumer price index (CPI) could impact the market. It is a crucial piece of economic data before the U.S. Federal Reserve's early May meeting. Market analysts predict that the central bank might end its year-long interest rate hikes at the meeting.