Hypescale Data’s stock rose nearly 5%, while shares of Sharplink Gaming rose 4% in overnight trade.
- The jump in crypto stocks came amid a broader recovery in the cryptocurrency market even as there was weakness in the broader equities market.
- Crypto miners were among the top gainers among crypto equities.
- Kindly MD, Forward Industries and Exodus Movement were among the few which missed out on the rally, with all three stocks trading in the red during after hours.
Hyperscale Data (GPUS) and Sharplink Gaming (SBET) led gains among crypto-linked equities in overnight trading on Tuesday, after Bitcoin (BTC) and Ethereum (ETH) moved higher amid broader recovery across the cryptocurrency market.
Bitcoin’s price rose 2.5% in the last 24 hours to $95,448, paring gains after crossing the $96,000 mark earlier in the day. Meanwhile, Ethereum’s rise outperformed Bitcoin, rising 7.7% in the last 24 hours. Stocktwits data showed that retail sentiment around both cryptocurrencies had improved to ‘bullish’ territory over the past day.
Bitcoin corporate treasury, GPUS’ stock, rose nearly 5% on Tuesday night after a dip of 4.79% in regular hours. Retail sentiment around Hyperscale Data on Stocktwits remained in ‘extremely bullish’ territory, accompanied by ‘extremely high’ levels of chatter over the past day. The company only has around 532 Bitcoin in its coffers.
Meanwhile, SBET’s stock gained 4% in after hours trade, carrying forward the momentum of a 2.73% gain in the regular session. Retail sentiment around the Ethereum (ETH)-focused digital asset treasury (DAT) flipped to ‘bullish’ from ‘bearish’ over the past day, while chatter jumped to ‘high’ from ‘normal’ levels.
Crypto Miners Join The Rally
Crypto mining stocks were also trading higher in after-hours trade on Tuesday. Crypto miners Bit Digital (BTBT), Riot Platforms (RIOT) and Bitfarms (BITF) were among the top gainers among crypto equities. BTBT’s stock rose as much as 3.8%, while RIOT’s stock rose 2.63% and BITF’s stock was up 2.57%. Other crypto mining stocks posted gains of between 1% and 2% during overnight trade.
Among DAT leaders, Michael Saylor-backed Strategy (MSTR) added 2.32% after hours following a gain of more than 6% during the regular session. Retail sentiment around MSTR’s stock remained in ‘extremely bullish’ territory but chatter fell to ‘high’ from ‘extremely high’ levels over the past day.
Bitmine Immersion Technologies (BMNR), the largest publicly traded Ethereum treasury, rose 3.6% after hours after edging 0.29% higher during regular trading. Retail sentiment around BMNR’s stock flipped to ‘bullish’ from ‘bearish’ over the past day and chatter rose to ‘normal’ from ‘low’ levels.
Kindly MD (NAKA), Forward Industries (FWD) and Exodus Movement (EXOD) missed out on the rally, with all three stocks trading in the red during after hours.
Crypto Gains While Stock Market Falls
The overall cryptocurrency market rose 4.5% lower on Tuesday night, recovering to $3.34 trillion. U.S. equities, meanwhile, were trading lower in after-hours trade after closing the day in the red. The SPDR S&P 500 ETF (SPY) dipped 0.03%, the SPDR Dow Jones Industrial Average ETF (DIA) fell 0.09%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) edged 0.01% lower.
Read also: Bitcoin Price Breaks Above $96,000 For First Time Since November, Triggers $685 Million In Liquidations
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