By Dean Seal
Shares of companies in the cryptocurrency industry recovered some of their recent losses Tuesday morning after the price of Bitcoin climbed 4.5% to $21,588.
The world's largest crypto asset by market capitalization is still down more than 50% year-to-date following a crushing selloff in the space that has dragged big-name crypto companies down with it.
Bitcoin's bounce Tuesday sent shares of Coinbase Global Inc., the operator of the largest U.S. crypto exchange, up 16% in early trading to $59.44.
Bitcoin miner Riot Blockchain Inc. shares rose 15.5% to $5.37. Shares of Marathon Digital Holdings Inc., another miner, gained 14% to $7.54.
MicroStrategy Inc. shares were up 15% in early trading to $192.78. The maker of business-intelligence software has been growing its position in Bitcoin for the last two years as a hedge against inflation.
Write to Dean Seal at firstname.lastname@example.org
(END) Dow Jones Newswires
June 21, 2022 11:10 ET (15:10 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.