- Bitcoin, the red-hot digital currency, gained more than $1,000 after exchange giant CME said it was preparing to launch a bitcoin futures product. Since the beginning of the year, the price of bitcoin is up 600%. Bitcoin Group and Hive Blockchain Technologies have both seen their stock price increase by over 1,000% year-to-date.
The cryptocurrency wave that appears to be sweeping Wall Street is not just benefiting bitcoin.
The digital currency, which has seen its price spike 600% this year, is getting a bit more respect and attention from traditional Wall Street players. Exchange groups CME and Cboe, for instance, are planning to roll out their own bitcoin futures products and Goldman Sachs is considering a bitcoin trading operation. Over 70 cryptocurrency hedge funds have sprouted up to take advantage of investment opportunities in the booming crypto space, according to analytics provider Autonomous NEXT.
And at least two bitcoin-related companies appear to be riding the wave as well.
The stock of Bitcoin Group, a bitcoin mining company, and Hive Blockchain Technologies, another crypto mining company, have both seen their share price appreciate by more than 1,000%.
On Monday the price of Bitcoin Group, a Australia-based company, traded near $80 per share, up 1,006% since the beginning of the year. The company operates bitcoin mining facilities in Australia, Iceland, and China.
Bitcoin mining is the process by which new bitcoins are unleashed and bitcoin transactions are processed on the underpinning blockchain network.
Hive Blockchain Technologies, a Canadian firm, is up 3,690% year-to-date at $4 per share. The company began trading under the ticker “HIVE” in September after it “took over the listing of Leeta Gold Corp,” according to Bloomberg.
The market for cryptocurrencies, which now includes over 1,000 different coins and tokens, recently surpassed $200 billion, according to Coinmarketcap.com.