Leading cryptocurrencies gained, with some of the biggest crypto stocks following suit as the broader market rose on Monday after reports that the Trump administration may narrow the scope of its impending April 2 tariffs.
Bitcoin was up 2.7% to $88,418.31, Ether was up about 4.2% to $2,088.88, and Ripple’s XRP was up more than 1.1% to $2.47 as of around 11:15 a.m. New York time.
“Cryptocurrencies are experiencing a strong day, with Bitcoin showing positive performance,” Nansen analyst Nicolai Søndergaard told Quartz. “Given the correlation between token performance and the valuation of crypto-related companies, this has led to gains in stocks such as MicroStrategy, Coinbase, and Robinhood.”
Deutsche Bank (DB) Research analyst Marion Laboure told CNBC Monday that crypto’s hot-and-cold 2025 is partly linked to unknowns around the Trump administration’s planned reserve. There’s also “a lot of momentum these days regarding the tokenization of finance.”
Bernstein analysts said they anticipate growing ties between crypto and traditional finance. “We see a world where crypto exchanges will offer spot crypto, crypto derivatives, and tokenized equities, while broker platforms will also scale up their crypto services,” they wrote.
Here’s a closer look at how some of the top crypto company stocks are faring:
Coinbase (COIN) rose 5% to more than $200 per share. Earlier in March, Rosenblatt analyst Chris Brendler called Coinbase “the clear blue chip” in crypto, citing its non-trading revenue growth and saying “the stock will prove more resilient in the next Crypto Winter.” Still, the stock remains down about 22% year-to-date.
MicroStrategy (MSTR) shot up 7.3% after it snapped up about half a billion dollars of Bitcoin, pushing its total supply beyond 500,000 BTC.
Robinhood (HOOD) climbed 9.6%, recouping some of its recent losses. A week ago, the company debuted a prediction markets product within its app.
Hut 8 (HUT) stock rose more than 7.3%. Earlier this month, the crypto mining firm said it secured “592 acres in Louisiana” for a new $2.5 billion, 300MW data center.
For the latest news, Facebook, Twitter and Instagram.
