Cryptocurrencies and tech stocks are back in action as investors grow hopeful that the Federal Reserve would slow down and eventually halt interest rate hikes this year. S&P 500 had its best January.
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Shares of several cryptocurrency-related companies soared on Tuesday as
Bitcoin (CRYPTO: BTC) posted a major recovery from a low of $49,506 on Monday to trade at $54,566.20 at press time.
What Happened: Bitcoin equipment manufacturer
Canaan Inc (NASDAQ:CAN) shares closed 50.45% higher at $28.69 and rose 3.87% to $29.80 in the after-hours session.
Sos Ltd (NYSE:SOS), which received cryptocurrency mining equipment ahead of schedule in February, saw shares spike 21.09% in regular trading to $6.66 and added 2.40% gains in the after-hours.
Colorado-based
Riot Blockchain Inc (NASDAQ:RIOT) jumped 33.81% in the regular session to $52.16 and rose 5.16% to $54.85 in after-hours trading. Riot is focused on BTC mining.
Ebang International Holdings Inc (NASDAQ:EBON) announced intent to foray into
Ethereum (ETH) on Sunday.
What Happened: The company’s cryptocurrency purchase is worth $25.98 million as of press time, when ETH traded 4.28% higher at $1727.92.
Additionally, the company said it also purchased 379.1214267 units of
Bitcoin (CRYPTO: BTC), worth $18.96 million, as of press time when BTC traded 1.43% higher at $50,011.39.
Meitu’s ETH and BTC purchases were made at an aggregate consideration of nearly US$22.1 million and US$17.9 million respectively.
Why It Matters: ETH could be headed for another sharp price spike as developers have agreed to move ahead with an update that would lead to a reduction in the number of tokens in use.