Cryptocurrencies: 6452 / Markets: 40391 Market Cap: 24h Vol:
Seeking Alpha
2021-03-05 21:08:22

Bitcoin rallies alongside bullish reversal in stocks

The big risk-off move in markets helped put a dent in bitcoin (BTC-USD) earlier today, sending it below $46.5K. Stocks, however, made a dramatic turnaround, with the S&P 500 closing up nearly 2% after being down almost that much a few hours ago.Bitcoin reversed alongside, now trading hands at $49.4K, up 3% on the session.Blockchain-related stocks finished sharply lower, but rallied nicely off their worst levels. Marathon Digital ([[MARA]] -6.2%), Riot Blockchain ([[RIOT]] -9.0%), Galaxy Digital ([[BRPHF]] -6.2%), Canaan ([[CAN]] -2.0%), Silvergate Capital ([[SI]] -10.6%). Most, if not all of these names over the past weeks/months have rallied well in excess of the underlying move in crypto - that they could give up some ground while bitcoin rallies shouldn't be too much surprise.

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