Cryptocurrency-related stocks, including Coinbase Global Inc (NASDAQ:COIN), Marathon Digital Holdings Inc (NASDAQ:MARA) and Riot Blockchain Inc (NASDAQ:RIOT), are trading higher Wednesday amid a rise in the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
Several cryptocurrencies are catching bids ahead of Wednesday's Fed decision. Fed officials are expected to raise rates by a quarter of a percentage point in what would be the first rate hike since 2018. Bitcoin is generally viewed as an inflation hedge.
Related Link: Crypto World Abuzz With Inflation Talk: Here's What It Means For Bitcoin, Ethereum, Dogecoin Prices
Coinbase is the leading cryptocurrency exchange platform in the United States. The stock was up 9.97% at $171.53 at time of publication.
Marathon Digital is focused on mining digital assets. It owns cryptocurrency mining machines and a data center to mine the digital assets. The stock was up 5.89% at $23.75 at publication time.
Riot Blockchain is focused on building, supporting and operating blockchain technologies. At publication time, the stock was up 6.91% at $15.94.
$BTC, $ETH Price Action: Bitcoin was up 4.35% over a 24-hour period, trading at $40,731, while Ethereum was up 5.73% at $2,710 at time of publication.
Photo: QuinceCreative from Pixabay.
