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Bitcoin's $51K Move Puts Crypto Stocks Coinbase, Marathon, Riot Platforms On Investors' Radars — QuantumScape, Tesla Also Trend

Author: Benzinga Neuro | February 14, 2024 10:22pm

The U.S. stock market attempted a rebound following Tuesday's declines, sparked by a higher-than-expected inflation report in January, as investors refocused on corporate earnings.

The Dow Jones Industrial Average ended Wednesday 0.4% higher at 38,424.27, while the S&P 500 gained 0.96% to 5,000.62. The Nasdaq ended the day 1.3% higher at 15,859.15.

These are the top stocks that gained the attention of retail traders and investors throughout the day:

Coinbase Global Inc (NASDAQ:COIN) saw an impressive day with its shares closing up 14.24% at $160.38, after reaching an intraday high of $161.13 and a low of $150.4. The cryptocurrency trading platform is set to report its fourth-quarter financial results, with analysts expecting significant figures. The anticipation of these results, coupled with a favorable outlook from analysts, has driven the stock’s performance today. Analysts at Oppenheimer recently upgraded shares of Coinbase, highlighting a favorable outcome in an ongoing lawsuit and the potential impact of Bitcoin ETF approvals.

Marathon Digital Holdings, Inc. (NASDAQ:MARA) and Riot Platforms, Inc. (NASDAQ:RIOT) both experienced significant gains, with MARA closing up 14.35% at $29.41 and RIOT up 14.12% at $17.62. The surge in these Bitcoin miners’ stocks is attributed to Bitcoin’s (CRYPTO: BTC) price rally above $51,000, reclaiming a $1 trillion market capitalization. The recent approval of several spot Bitcoin ETFs and anticipation of the next Bitcoin halving event have contributed to the bullish sentiment. Investors are closely watching these developments, impacting the stocks’ performance.

QuantumScape Corp (NYSE:QS) reported a narrower loss than expected for the fourth quarter, closing the day up 2.54% at $7.67. The company’s advancements in battery technology and its plans for prototype production have kept investors optimistic about its future. QuantumScape’s focus on improving its financial metrics and operational efficiency has been well-received by the market.

Tesla Inc (NASDAQ:TSLA) shares increased by 2.55%, closing at $188.71. The electric vehicle giant’s stock was buoyed by a 13G filing showing CEO Elon Musk’s increased ownership stake. This filing, coupled with Tesla’s ongoing innovations and market leadership, continues to draw investor interest. Tesla’s strategic moves and Elon Musk’s commitment to the company remain key drivers of its stock performance.

Photo by Phongphan on Shutterstock

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