The recent Bitcoin surge has driven cryptocurrency shares up to levels not seen in almost 19 months as we enter December.

Bitcoin has climbed to almost a 19-month high, invigorating shares in crypto mining firms and Bitcoin-related businesses as optimism about a potential spot ETF approval grows. exchange-traded fund (ETF) continues.

The world’s largest cryptocurrency Bitcoin The cryptocurrency saw a 1.6% increase on Friday, reaching $38,337, with its upward momentum since October reflecting rising optimism that a spot ETF approval will bring substantial investment into the market. digital asset sector.

The tailwinds felt this year, especially in recent months, have been driven by heightened expectations for a much-anticipated spot ETF, amid ongoing uncertainties and the prospect of accelerated monetary expansion in 2024. spot ETF , the resolution of Binance Companies like Riot Platforms (RIOT), Marathon Digital (MARA), and TeraWulf (WULF) reported gains ranging from 1.7% to 4%, in line with the improved profitability that follows the rising Bitcoin prices.

Shares of bitcoin miners Analysts have updated their price targets for Cipher Mining (CIFR), CleanSpark (CLSK), Iris Energy (IREN), Marathon Digital, and Riot Platforms to account for the jump in Bitcoin's valuation.

Likewise, J.P. Morgan Mining companies are reportedly increasing their output in anticipation of the upcoming halving event, which will cut mining rewards in half.

Coinbase's shares (COIN) went up by about 2.5%, building off November's impressive 62% rise that outperformed Bitcoin's 11% growth. Despite a dip in trading volumes earlier in the month, experts predict that surging cryptocurrency prices will boost transaction volume and revenue for Coinbase throughout 2024. bitcoin’s upcoming “halving” Nevertheless, potential legal hurdles and new regulations could inject some volatility into the stock market.

Coinbase The optimism surrounding the ETF's approval has mitigated concerns stemming from the recent legal troubles of a prominent Binance figure who confessed to breaching U.S. anti-money laundering regulations.

Among other market winners was MicroStrategy (MSTR), a significant Bitcoin investor, which enjoyed a nearly 3.5% rise, alongside the ProShares Bitcoin Strategy ETF (BITO), which saw a 2.1% increase.

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