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

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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