Crypto stocks rally as BTC rebounds

Shares of crypto stocks Marathon Digital Holdings (NASDAQ: MARA), Cipher Mining (NASDAQ: CIFR), Microstrategy, Inc. (NASDAQ: MSTR), Coinbase (NASDAQ: COIN) and Riot Platforms (NASDAQ: RIOT) are climbing Wednesday as the price of bitcoin bounces back following a decline on Tuesday.

The premier cryptocurrency is currently up 2% on Wednesday after a more than 6% decline on Tuesday. Bitcoin touched a new all-time on Tuesday after surging above the $69,000 threshold before seeing a sharp correction. As of 07:50 am ET today, BTCUSD is trading close to the $65,500 mark

This has helped to drive the share price of crypto stocks higher in premarket trading. MARA is up 4%, Cipher mining has climbed 3.5%, MSTR is trading 7.8% higher, Coinbase has gained 4.6%, and RIOT has rallied 4.2%.

Following the rally in bitcoin, analysts at Bernstein said in a recent note that while the gains "can be attributed to the ETF flows, the market is just not stopping at Bitcoin."

The firm expects the market recovery to be "broad-based, with DeFi leading the charge."

By Sam Boughedda

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