Bitcoin-adjacent stocks boom as BTC surges, other US equities remain flat

quick take

• In a notable development, Bitcoin surged above the $31,000 level. But in stark contrast, both the Nasdaq and S&P 500 indexes remained relatively unchanged, further highlighting the apparent negative correlation between Bitcoin and the traditional stock market.
• In addition, companies investing heavily in Bitcoin have also seen significant gains. Both MicroStrategy and Coinbase are prominent players in the digital currency market, with their respective shares up 10% above his.
• Bitcoin mining stocks, meanwhile, are having a particularly good time, posting massive double-digit gains. Notable rising companies in this space include companies such as IREN, MARA and RIOT.

A story first appeared on CryptoSlate that other U.S. stocks continue to plateau after Bitcoin adjacent stocks boomed in the wake of BTC’s surge.