Crypto shares surged on Monday. BitMine up nearly 20%; Cipher Mining, CleanSpark up 18%; Bitfarms up 15%; BTCS up 14%; TeraWulf up 12%; Bakkt Holdings, Upexi up over 11%.
Bitcoin edged above $88,000 on Monday but lagged the broader rebound in US equities, with the cryptocurrency still nursing losses from last week’s selloff. The original cryptocurrency began to recover over the weekend after slumping to a seven-month low of $80,554 on Friday. Bitcoin, which had tumbled more than 20% in the past four weeks, was up less than 1% to about $88,400 on Monday.
While Bitcoin is higher for a second day, traders see little cause for celebration. The wider crypto market is in a pronounced slump despite surging institutional adoption and a series of policy wins pushed for by US President Donald Trump, who has embraced the industry.
Technology stocks drove an advance in global equities on Monday as traders kicked off a data-packed week more optimistic that the Federal Reserve will cut interest rates in December.
“The lack of a broader ‘alt season’ in crypto and waning liquidity and underperformance relative to equity markets has made it more difficult to deploy meaningful capital into liquid strategies purely in crypto markets,” said Shiliang Tang, managing director of Monarq Asset Management.
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