Crypto-Related Stocks Surge as Bitcoin Price Hits Highest Since June 2022

Marathon Digital (MARA), Coinbase (COIN) and MicroStrategy (MSTR) are among the names making big moves as bitcoin (BTC) rose more than 4% on Monday to top $29,200 for the first time since June 10, 2022.

Alongside Marathon Digital's 12% advance, fellow bitcoin miners Riot Platforms (RIOT) and Hut 8 Mining (HUT) are ahead 13% and 10%, respectively.

Crypto exchange Coinbase (COIN) is up 5.5% and MicroStrategy (MSTR) – the owner of 140,000 bitcoin – has gained more than 6%.

Prior to today's upside action, bitcoin had been locked in a very tight range on either side of $28,000 for about 10 days. There's no apparent news behind Monday's sizable gains. Looking ahead, Wednesday will see the release of the Consumer Price Index (CPI) for March, one of the more important pieces of economic data prior to the U.S. Federal Reserve's early May meeting at which many are betting the central bank might end its more than year-long series of interest rate hikes.