Riot Blockchain, Canaan, and The9 Stock All Soared Today as Bitcoin Becomes $1 Trillion Asset – Motley Fool

Riot Blockchain, Canaan, and The9 Stock All Soared Today as Bitcoin Becomes $1 Trillion Asset – Motley Fool


What happened

Bitcoin (CRYPTO:BTC) reached an unprecedented milestone for a cryptocurrency on Friday morning. The price of Bitcoin tokens surpassed $53,700 each, carrying Bitcoin’s market capitalization over $1 trillion. And stocks that are related to Bitcoin like Riot Blockchain (NASDAQ:RIOT), Canaan (NASDAQ:CAN), and The9 Limited (NASDAQ:NCTY) are all soaring today as a result, up 21%, 33%, and 23%, respectively, as of noon EST.

According to Coinbase, Bitcoin is up around 5% over the past 24 hours, hitting all-time highs above $54,300. But there are other cryptocurrencies making much bigger moves today. One is Binance Coin (CRYPTO:BNB), up roughly 49% as of this writing. And this outsize move is probably telling us something.

A businessman rides a rocket ship that's expelling cash exhaust over a multicolored bar chart

Image source: Getty Images.

So what

For the record, Riot Blockchain, Canaan, and The9 didn’t report news that warranted moving their stock prices this much. Canaan and The9 didn’t report anything at all. Riot Blockchain filed with the Securities and Exchange Commission (SEC), showing insider Hannah Cho acquired 12,500 shares. On the surface it seems bullish. However, Cho was recently added to the board of directors, and these shares came free with the deal.

Therefore, the real news today is what’s going on with Bitcoin. So far in 2021, we’ve seen growing adoption from Wall Street. One recent adopter was Tesla, which added $1.5 billion
Source…