Why Bitcoin- And Ethereum-Related Stocks Are Trading Higher – Benzinga – Benzinga

Cryptocurrency-related stocks, includingCoinbase Global Inc(NASDAQ:COIN),Marathon Digital Holdings Inc(NASDAQ:MARA) andRiot Blockchain Inc (NASDAQ:RIOT), are trading higher Wednesday amid a rise in the priceof Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Several cryptocurrencies are catching bids ahead of Wednesday's Fed decision.Fed officials are expected to raise rates by a quarter of a percentage point in what wouldbe the first rate hike since 2018. Bitcoin isgenerally viewed as an inflation hedge.

Related Link:Crypto World Abuzz With Inflation Talk: Here's What It Means For Bitcoin, Ethereum, Dogecoin Prices

Coinbaseis the leading cryptocurrency exchange platform in the United States. The stock was up 9.97% at $171.53at time of publication.

Marathon Digital is focused on mining digital assets. It owns cryptocurrency mining machines and a data center to mine the digital assets. The stock was up 5.89% at $23.75atpublication time.

Riot Blockchain is focused on building, supporting and operating blockchain technologies. At publication time, the stock was up 6.91% at $15.94.

$BTC, $ETH Price Action:Bitcoin was up 4.35% over a 24-hour period, tradingat $40,731, whileEthereum was up 5.73% at $2,710 at time of publication.

Photo:QuinceCreativefrom Pixabay.

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Why Bitcoin- And Ethereum-Related Stocks Are Trading Higher - Benzinga - Benzinga