Why Cryptocurrency Stocks Like Canaan, The9, and Riot Blockchain All Skyrocketed Today

What happened

The world’s largest cryptocurrency, Bitcoin (CRYPTO:BTC), just keeps getting bigger. Over the past 24 hours, its price has risen about 2% and is approaching $58,000 per Bitcoin. This puts Bitcoin’s market capitalization at about $1.07 trillion, according to CoinDesk.

Today, U.S. President Joe Biden signed the latest economic stimulus package, sparking a big rally on Wall Street. These two factors — the price of Bitcoin and the stimulus — caused cryptocurrency stocks to skyrocket. Cryptocurrency miners like The9 Limited and Riot Blockchain were up 17% and 12%, respectively. And mining-equipment manufacturer Canaan was up a whopping…

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