Bitcoin Adds 4% as Mt. Gox Fears Subside, Sending MicroStrategies and Other Crypto Stocks Up

Jerry Kronenberg wrote a column · Jul 19 12:09

$Bitcoin (BTC.CC)$ rose more than 4% Friday to its highest level in roughly a month, taking several crypto-related stocks up as well as markets continued to move beyond the imminent $9 billion Mt. Gox payout.

BTC gained as much as 4.6% to a $66,499 intraday high Friday. The crypto has recently been rebounding from a sell-off last week that followed word the trustee liquidating crypto exchange Mt. Gox – which collapsed in 2014 – would soon pay out $9 billion of Bitcoin to the firm’s customers.

Bitcoin initially fell on the disbursement news, apparently on the assumption that many recipients would sell the Bitcoin that they receive and push market prices down.

However, BTC has been recovering this week, which helped drive several crypto miners' stocks higher Friday. Big gainers as of shortly before 1 p.m. ET included:

-- $Hive Blockchain (HIVE.US)$, which added 15.7% to $4.24

-- $BitFuFu (FUFU.US)$, up 15% to $5.59

-- $Bitdeer Technologies (BTDR.US)$, better by 12.5% at $10.61

-- $MicroStrategy (MSTR.US)$, which rose 10.5% to $1,718.98

-- $Iris Energy (IREN.US)$, +9.8% at $11.24

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