SharpLink Gaming (SBET) stock surged 5.01% in Monday's trading session, riding the wave of a broader rally in cryptocurrency-related stocks. The significant uptick in SBET's share price comes as investors show renewed enthusiasm for companies with ties to the cryptocurrency sector, driven by positive developments in the crypto market.
The rally in crypto stocks is closely tied to the performance of major cryptocurrencies, particularly Ethereum. The second-largest cryptocurrency by market capitalization broke through the $3,700 barrier, trading at $3,792 with a substantial increase over the past 24 hours. Adding fuel to the positive sentiment, recent data revealed that U.S. Ethereum spot ETFs experienced a significant net inflow of $2.1824 billion in the past week, potentially boosting investor confidence in Ethereum-related technologies and businesses like SharpLink Gaming.
Furthermore, the crypto market received an additional boost after U.S. President Donald Trump signed a bill regulating stablecoins into law. The GENIUS Act creates a federal regulatory system for stablecoins, setting requirements such as a 100% reserve backing using liquid assets and monthly public disclosures about reserves. This move is seen as a step towards legitimizing and stabilizing the cryptocurrency market, contributing to the overall positive sentiment. As a result, several crypto-related stocks saw significant gains, with SharpLink Gaming among the top performers.
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