Crypto-Linked Stocks Rise With Bitcoin as Analyst Says 'Not The Time to Turn Bearish'
Summary
Crypto market saw a bullish trend after a week of selling. Bitcoin's 3% rise led to gains in crypto-linked stocks, especially for bitcoin mining companies. Stocks like Cipher Mining, Mawson, and others rose 5-15%. Coinbase and MicroStrategy also saw 3-5% gains. JPMorgan downgraded Coinbase earlier but was upgraded by Oppenheimer due to strong fundamentals. The selloff was attributed to traders treating the bitcoin ETF approval as a "sell the news" event, with slow inflow into newly approved ETFs adding pressure. However, it's seen as a short-term phenomenon, with potential for a constructive fiscal response in the US election cycle.
