Here's Why Bitcoin Stocks Are Soaring Today

Popular cryptocurrency Bitcoin (CRYPTO: BTC) briefly touched a new all-time high of $48,226.25 on Tuesday around 2 a.m. EST. And with each move higher, investors celebrate by bidding Bitcoin stocks higher also. This includes technology company MicroStrategy (NASDAQ: MSTR), which recently converted all cash not needed for daily operations into Bitcoin tokens. As of 2:30 p.m. EST, MicroStrategy stock was up 23%.

Bitcoin-mining stocks were also higher on Tuesday. Marathon Patent Group (NASDAQ: MARA) was up 22%, and Riot Blockchain (NASDAQ: RIOT) was up 26%. For its part, Bit Digital (NASDAQ: BTBT) was only up 4%, but had traded 17% higher earlier in the session.

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Source Fool.com