The U.S. stock market experienced a robust rally on Monday, propelled by a surge in Bitcoin prices. The Dow Jones Industrial Average climbed over 400 points, reflecting the positive sentiment surrounding the cryptocurrency market. Several companies heavily invested in Bitcoin witnessed significant gains in their share prices.
MARA Holdings, Inc. (MARA), a leading Bitcoin mining company, saw its stock price skyrocket by 17.3% to $22.59. This surge came on the heels of Bitcoin exceeding the $82,000 mark, a significant milestone for the cryptocurrency.
Other notable gainers included Canaan Inc. (CAN), a manufacturer of Bitcoin mining hardware, whose shares surged by 40.8% to $1.7750. RadNet, Inc. (RDNT), a provider of diagnostic imaging services, reported better-than-expected third-quarter financial results, boosting its stock price by 24.8% to $90.53.
Bit Digital, Inc. (BTBT), another prominent Bitcoin miner, saw its shares jump 23.2% to $5.29, reflecting the positive sentiment surrounding Bitcoin’s price performance.
Cango Inc. (CANG), a leading provider of automotive financing services in China, experienced a 19.7% gain to $4.0700. Bitdeer Technologies Group (BTDR), a cryptocurrency mining company, saw its stock price soar by 19.1% to $10.67.
Lemonade, Inc. (LMND), an insurtech company, recorded an 18% increase to $33.56. Nano-X Imaging Ltd. (NNOX), a developer of digital X-ray imaging solutions, saw its shares rise by 16.8% to $7.12.
Hut 8 Corp. (HUT) and Riot Platforms, Inc. (RIOT), both major Bitcoin miners, also experienced significant gains, with their stock prices climbing by 16.5% and 16% respectively, reaching $22.81 and $14.84, mirroring Bitcoin’s surge past $82,000.
Hims & Hers Health, Inc. (HIMS), a telemedicine company, saw its stock price increase by 14.2% to $26.72. Iris Energy Limited (IREN), a Bitcoin mining company, experienced a 13.5% gain to $12.47.
Coinbase Global, Inc. (COIN), a leading cryptocurrency exchange, also benefited from the positive momentum in Bitcoin, with its stock price jumping by 13.3% to $306.99.
Bristol-Myers Squibb Company (BMY), a pharmaceutical company, witnessed an 11.7% rise to $60.50, possibly due to a positive market reaction to AbbVie’s recent announcement regarding its Phase 2 EMPOWER trials.
Recursion Pharmaceuticals, Inc. (RXRX), a biotechnology company, saw its stock price increase by 10.1% to $7.82. e.l.f. Beauty, Inc. (ELF), a beauty and cosmetics company, experienced an 8.5% gain to $130.47.
Affirm Holdings, Inc. (AFRM), a financial technology company, climbed by 8.2% to $50.31. Robinhood Markets, Inc. (HOOD), a financial services company, also gained 8.2% to $33.03, following an Equal-Weight rating and a price target increase by Morgan Stanley.
The Cigna Group (CI), a health services company, experienced a 6.6% rise to $340.70 after confirming it is not pursuing a combination with Humana.
The strong performance of Bitcoin, coupled with positive earnings reports and favorable analyst ratings, created a positive environment for the U.S. stock market on Monday. The continued volatility in cryptocurrency markets remains a crucial factor to watch, as it could significantly influence the performance of these companies in the future.
