Shares of multiple bitcoin proxy stocks—including Riot Blockchain (RIOT - Free Report) , LongFin , and the Bitcoin Investment Trust (GBTC - Free Report) —surged on Tuesday amid a slight rebound throughout the cryptocurrency market.
Today’s jump for crypto stocks came amid strong moves from nearly every popular cryptocurrency. Bitcoin’s price popped 8.65% to $7,807.3 within the last 24-hours, while Litecoin soared 12.30% to rest at $145.57.
On top of that Ripple, a rapidly growing crypto that is controlled by a San Francisco-based startup, and Ethereum, the second largest crypto by market cap, rose 5.28% and 10.61%, respectively.
Tuesday’s gains should please cryptocurrency investors who have taken big hits recently as the new-age digital currency becomes increasingly volatile, and therefore subject to massive one-day swings. This cryptocurrency upturn coincides with the recent stock market pullback, which finally slowed down late Tuesday (also read: Volatility Returns: Key Facts Behind Historic Stock Sell-Off).
With that said, let’s take a look at three cryptocurrency proxy stocks that popped today amid market turmoil.
This small-cap company recently tethered itself to the blockchain technology wave. Longfin stock skyrocketed after it acquired Ziddu.com, a blockchain research company that hopes to decentralize lending and financing solutions. Shares of Longfin surged nearly 11% on Tuesday as it tries to inch back to life after a massive sell-off. Before today’s gains, its stock price had sunk 38% in the last four weeks.
Interestingly enough, Riot Blockchain was a dying biotech diagnostics equipment firm called Bioptix, Inc before pivoting to blockchain technology as Bitcoin became increasingly popular. Today, shares of Riot skyrocketed over 21%. Still, the company sits well below its all-time high as its stock price had fallen 54% over the last four weeks.
Bitcoin Investment Trust
The Bitcoin Investment Trust operates as a bitcoin holding fund. GBTC saw its stock price soar over 22% to close the day at $12.31 per share. However, these gains don’t make up for its recent loses, as GBTC still sits far below its all-time intraday trading high of $38.71 per share.
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