Crypto Stocks Surge, Azuki Community Revolts
BTC is up 1.7% today, retesting above $31K as crypto markets shrug off last week’s negative ETF-related headlines. Most ETF applicants have now refiled to address the SEC’s concerns that applications were inadequate without naming exchanges tasked with market surveillance. Equities with high beta to BTC have seen significant gains today. Publicly traded BTC miners Marathon Digital (MARA -1.82% ) are up 10.53%, CleanSpark (CLSK 1.76% ) is up 13.29%, and Terawulf (WULF N/A% ) gained 15.43% at the time of writing. Other BTC-related equities that have seen gains include Coinbase (COIN 3.52% ), up 11.71%, and MicroStrategy (MSTR -1.16% ), up 10.4%. Comparing these equities to the broader market, SPY 0.77% has been trading relatively flat, only up 0.14% today. This further solidifies Bitcoin’s recent negative correlation with traditional equity markets. ETH continues to gain, currently trading at $1.96K, up 2.1% today. Recent gainer, Bitcoin Cash (BCH 2.35% ) has slowed down after crossing the $320 mark last week, down 2.1% over the past day. Compound (COMP 4.11% ), an Ethereum-based DeFi lending protocol, led the top 100 in gains over the past week, up 72.7%. This is partially attributed to its founder recently announcing a new project to bring real-world asset markets on-chain. However, no specific mention of Compound’s involvement in the new venture was mentioned.
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