Why MicroStrategy, Marathon Patent Group, and Riot Blockchain Stocks All Popped Today
Bitcoin was bouncing back on Friday, sending certain stocks higher. Technology company MicroStrategy (NASDAQ: MSTR) holds thousands of bitcoin tokens on its balance sheet (and is still buying more), which is why its stock was up. And bitcoin mining stocks like Marathon Patent Group (NASDAQ: MARA) and Riot Blockchain (NASDAQ: RIOT) were also going up today, reversing some declines in the past week.
As of 3 p.m. EST on Friday, MicroStrategy stock was up 10%, Marathon was up 6%, and Riot Blockchain was up 8%. Cryptocurrencies don't have market hours (they trade all day, every day), so it's best to measure their returns over rolling 24-hour periods. According to cryptocurrency news site CoinDesk, the price of bitcoin had gone up 3% over the last 24 hours. But its price has increased roughly 15% from Thursday's lows.
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Source Fool.com
