Explaining the Surge in Crypto-Related Stocks – Bitfarms (NASDAQ:BITF), Coinbase Glb (NASDAQ:COIN), Marathon Digital (NASDAQ:MARA)

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Bitfarms Ltd (NASDAQ:BITF), Coinbase Global Inc (NASDAQ:COIN) and Marathon Digital Holdings Inc (NASDAQ:MARA) stocks are all up Monday afternoon. Shares of crypto-related companies are rising in tandem with cryptocurrencies.

Cryptocurrency may be following the trend of the broader U.S. market after President Joe Biden on Monday morning reassured Americans regarding the stability of the financial sector following the recent collapses of SVB Financial Group (NASDAQ:SIVB), Signature Bank (NASDAQ:SBNY) and Silvergate Capital Corp (NYSE:SI).

Our Benzinga team reported, Biden in his address declared that bank customers will have access to their money.

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“I want to make it clear that all bank customers will be able to access their funds, Biden said. “No losses will be suffered by taxpayers. Instead, the money will be taken from the fees the banks pay into the deposit insurance fund.”

Also Read: Biden Addresses FDIC Bank Takeovers: ‘The Banking System Is Safe’

Price Action

Marathon Digital focuses on mining digital assets. It owns crypto-currency mining machines and a data center to mine digital assets. The company operates in the digital currency blockchain segment and its cryptocurrency machines are located in Canada.

Marathon Digital shares are trading higher by 17.35% at $6.26.

Bitfarms is a bitcoin self-mining company. It runs vertically integrated mining operations with in-house management.

Bitfarms shares are trading higher by 12.80% at $0.80.

Coinbase is a provider of end-to-end financial infrastructure and technology for the crypto-economy.

Coinbase shares are trading higher by 8.96% at $58.23.

© 2023 Benzinga.com. Benzinga does not provide investment advice.

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