Why Crypto-Related Stocks Are Rising Today

Shares of crypto-related stocks are trading higher after pro-Bitcoin libertarian candidate Javier Milei won Argentina's presidential election. Here's what's going on.

What To Know: Milei's victory over current Finance Minister Sergio Massa for president of Argentina sparked a rally in the crypto market on Monday due to Milei's firm support for Bitcoin. Milei believes that Bitcoin instrumental is to returning control of money to the private sector and has derided the country's central bank as a scam, going so far as to call for its aboliton. Milei's election to the presidency of Argentina marks a stark departure in economic policy from the current left-leaning administration of President Alberto Fernandez, which has been unable to curtail hyperinflation in the country.

Several crypto-related stocks moved higher in tandem with the crypto market, including Bit Digital, Inc. BTBT, CleanSpark, Inc. CLSK, Coinbase Global, Inc. COIN, Marathon Digital Holdings, Inc. MARA, Riot Platforms, Inc. RIOT, MicroStrategy Incorporated MSTR.

Related Link: Stocks Grind Higher, Oil Rallies, Dollar Falls: What's Driving Markets Monday?

BTBT, CLSK, COIN, MARA, RIOT, MSTR Price Action: Bit Digital, Inc. stock was up 7.06% at $2.31, CleanSpark, Inc. stock was up 15.4% at $4.55, Coinbase Global, Inc. stock was up 6.99% at $105.98, Marathon Digital Holdings, Inc. stock was up 5.90% at $10.59, Riot Platforms, Inc. stock was up 7.63% at $11.28, and MicroStrategy Incorporated stock was up 4.89% at $509.99 at the time of publication, according to Benzinga Pro.

The price of Bitcoin was $37,511.70 at the time of publication.

Image by MichaelWuensch from Pixabay