Crypto Stocks Bounce After $6 Billion Drop as Bitcoin Churns
- Marathon Digital, Riot Blockchain lead the group’s recovery
- Turnaround comes as Bitcoin climbs back above $50,000
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Cryptocurrency-exposed stocks are recovering from a bloody four-day slide that had wiped out roughly $6.1 billion in value from a basket of companies tied to the fortunes of the volatile digital-asset world.
Marathon Digital Holdings Inc.’s 17% jump led the way on Friday, as the shares halted a nine day losing streak. The gains come as Bitcoin climbs back from a slide of more than 15% on Thursday. Tesla Inc. Chief Executive Officer Elon Musk triggered the volatility late Wednesday by souring on the token’s energy demands. Microstrategy Inc. rose 6.8% on Friday, while Mike Novogratz’s Galaxy Digital Holdings jumped 16% for the best day in a month.