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Why Bitcoin-Related And Ethereum-Related Stocks Are Trading Higher Today

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Cryptocurrency-related stocks, including Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Blockchain Inc (NASDAQ: RIOT) and Bit Digital Inc (NASDAQ: BTBT) are trading higher Tuesday amid an increase in the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Bitcoin and Ethereum are on the move following positive commentary from Bank of America analysts and the anticipated regulation of crypto in Brazil.

Bank of America said that cryptocurrency is too large to ignore and pointed to potential investment opportunities in the space. Bank of America believes regulation could be positive for crypto in the long-term.

Brazil is set to vote on a cryptocurrency regulation bill this week that could make Bitcoin legal tender in the South American country.

Marathon Digital is focused on mining digital assets. It owns crypto-currency mining machines and a data center to mine the digital assets.

Riot Blockchain is focused on building, supporting and operating blockchain technologies.

Bit Digital is engaged in the Bitcoin mining business. Its mining platform operates with the primary intent of accumulating Bitcoin, which the company may sell from time to time to fund its operating expenses.

BTC, ETH Price Action: Bitcoin was up 4.63% at $50,017 and Ethereum was up 3.18% at $3,453.44 over a 24-hour period at time of publication.

Photo: Eivind Pedersen from Pixabay.

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