MicroStrategy, Riot, HIVE stocks turn higher as bitcoin holds up stronger than equities
RIOT: MICROSTRATEGY, RIOT, HIVE STOCKS TURN HIGHER AS BITCOIN HOLDS UP STRONGER THAN EQUITIES
A great deal of cryptocurrency-related stocks such as MicroStrategy (NASDAQ:MSTR), Riot Blockchain (NASDAQ:RIOT) and HIVE Blockchain Technologies (NASDAQ:HIVE) have rebounded a bit in Tuesday morning trading as bitcoin (BTC-USD) and other major digital tokens catch a bid.
Meanwhile, all three major stock indices increased, though not to the same magnitude as cryptos, with the tech-heavy Nasdaq (COMP.IND) +0.7%, S&P 500 (SP500) +0.4% and Dow Jones (DJI) +0.1%. The relatively quiet session comes as traders prepare themselves for the much-awaited Fed’s Jackson Hole meeting starting Thursday. Markets are largely expecting a hawkish tone coming from that gathering amid stubbornly high inflation, but if Fed chair Jerome Powell, who will speak Friday, delivers an even slightly dovish message, there’s a chance that risk assets can bump up.
September 2, 2022