Market Overview

Bitcoin Gains Momentum, Flirts With $20,000 Level

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Bitcoin Gains Momentum, Flirts With $20,000 Level

Bitcoin traded as high as $19,844 Monday, almost reaching its previous record high.

The last time the cryptocurrency nearly touched an all-time high of $20,000 was back in December 2017.

What Happened: Bitcoin is gaining after news emerged that Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow the Guggenheim Strategic Opportunities Fund to gain exposure to bitcoin. Guggenheim Partners — with $295 billion under management — is considering investing up to 10% of the Macro Opportunities Fund's net asset value in Grayscale Bitcoin Trust (OTC: GBTC).

A number of stocks were trading higher on the news.

Riot Blockchain (NASDAQ: RIOT) shares are trading higher amid strength in the price of bitcoin. Riot Blockchain’s stock traded up 33.6% at $8.35 per share at the time of publication Monday. The stock has a 52-week high of $8.10 and a 52-week low of 51 cents.

MicroStrategy (NASDAQ: MSTR) shares are trading higher amid strength in the price of bitcoin. MicroStrategy holds bitcoin as its primary treasury reserve asset.

MicroStrategy’s stock traded up 26.62% at $343.48 per share at the time of publication Monday. The stock has a 52-week high of $342.49 and a 52-week low of $90.

Grayscale Bitcoin Trust (OTCMKTS: GBTC) a subsidiary of the Digital Currency Group, traded up 22.46% at $23.06. 

 

Related Articles (MSTR + GBTC)

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