2 Crypto Stocks to Watch After Bitcoin ‘Halving’

The crypto sector is on the rise after Friday’s ‘halving’

Cryptocurrency stocks are on the rise today, as Bitcoin (BTC) moves higher following Friday’s fourth-ever ‘halving’ event– its first since 2020. Halving refers to reducing the reward for mining new bitcoin by 50% in order to manage the supply and maintain the cryptocurrency’s scarcity. Among others, the shares of both Coinbase Global Inc (NASDAQ:COIN) and Riot Platforms Inc (NASDAQ:RIOT) are surging in response. 

At last glance, COIN was up 6.8% to trade at $225.25, earlier climbing as high as $227.15. The shares’ 60-day moving average has caught the 16.5% drawdown this quarter. Since the start of the year, the equity is up roughly 29%. 

Riot Platforms was last seen up 11.8% to trade at $10.20, extending its jump off its April 18 52-week low of $7.80. In 2024, the security is sporting a 34% deficit. Options bulls are targeting RIOT today, with 78,000 calls exchanged so far — triple the intraday average volume — in comparison to 16,000 puts. The weekly 4/26 10-strike call is the most popular by far, with new positions opening there. 

A short squeeze could be fueling the crypto gains today. Short interest accounts for 6.3% of COIN’s available float, and 13.4% of RIOT’s. 

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