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Crypto stocks rally as bitcoin rises above $21,000

Yahoo Finance Live’s Jared Blikre breaks down how crypto stocks are trading.

video transcript

[AUDIO LOGO]

BRAD SMITH: Welcome back to “Yahoo Finance Live.” Taking a look at the US major averages this morning, we are down across the board. Flat on the S&P 500. We’ll continue to track that. Actually for more on today’s tape, let’s get straight on over to Jared Blikre at the YFi Interactive. Jared.

JARED BLIKRE: Yeah, good to be back here. And we got a mixed market. But for the most side, we’re seeing some downside action. The Dow down nearly half a percent. The NASDAQ off just a little bit. And you can see the S&P 500 trying to flash a little green there.

Want to take a look at the sector action for today. And we see energy in the forefront. That’s up over 1%. Other big movers, communication services to the downside. That houses Meta, Verizon, Disney, a hodgepodge of various communication companies. Staples in the number two spot, followed by utilities and then consumer discretionary. Interesting mix of the consumer up here.

Let’s just get a quick check of the financials since we got those Goldman Sachs and Morgan Stanley earnings this morning that we’ve been talking about. Costs getting to Goldman Sachs.

But I want to spend a little bit of time focusing on Bitcoin. This is gonna be a year-to-date chart of our leaders and sentiment index. Lots of green here. This is very good. This is risk on. And this is what you want to see, broad participation, especially by some junk, admittedly junk, in this rally. But BITO, that is a Bitcoin ETF that I’m using it as a proxy. That is number one. That’s up 28%.

Let me just skip over to our crypto– let me see. There we go. –our crypto heatmap here and let’s chart the price action in Bitcoin. The fact that it has managed to reclaim the $20,000 price level is huge. This was the stumbling block earlier back in 2019, 2017, and actually that was right before this chart begins. So if Bitcoin is able to hold $20,000, that key technical level, that is the very first step– a first step in a recovery here.

But we can see it’s been a staggered step of lower lows and high– lower lows and lower highs all the way down. So this would be– if it can actually clear about $22,000, that would be a little bit better. But the price action is impressive. I think it’s gonna be key to watch what happens around the inflation data with Bitcoin because the Federal Reserve, when we see those big press conferences, guess what the biggest mover is? It tends to be Bitcoin. So as a leading indicator, what else would you like to watch here, guys.

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