Bitcoin isn’t slowing down after hitting its fourth major milestone in fewer than two days.
After jumping past $12,000 per coin overnight Wednesday, Dec. 6, the digital currency broke through the $14,000 threshold by afternoon trading. On Thursday, Dec. 7, bitcoin surpassed $15,000, trading up 10% in morning action to $15,073.
While the selloff that has plagued tech stocks all week didn’t spare chipmakers integral to bitcoin and its underlying blockchain technology, premarket trading Thursday suggested bitcoin-related tech names had gains in the crosshairs.
Nvidia Corp. (NVDA) stock has dipped 5.65% in the past five trading days. Shares of the high-flying chipmaker gained 1.45% to $192 in premarket trading Thursday. Nvidia’s graphics processors are useful for finding decryption keys in digital currency mining.
Similarly, Advanced Micro Devices Inc. (AMD) stock has dropped 8.29% over the last five days, but shares were poised for gains Thursday, up 1.4% in premarket trading to $10.14.
Bitcoin Investment Trust (GBTC) finished trading Wednesday, Dec. 6, up 6.23%. For the last five days, shares of the trust have rallied about 2% to trade at $1,672 each. The fund launched in 2015, when bitcoin traded around $100. At that time, fund shares ran about $32 each.
Microsoft Corp. (MSFT) isn’t what typically comes to mind when thinking about cryptocurrency, but the blockchain technology on which bitcoin and other digital currencies are based is an offshoot of open source technology which Microsoft has long pioneered. Shares were lower 1.55% over the last five days, but gained 0.25% in premarket trading Thursday to $82.99.
Square Inc. (SQ) shares have slipped 4.07% in the last five days, but were teed up for Thursday gains, rising 1.29% early Thursday to $38.10. The company announced last month that it will launch a bitcoin pilot program called Cash App to allow certain users to buy and sell cryptocurrency on Square’s platform.
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