Bitcoin added to its gains in the afternoon, inching above $87,000 on crypto exchanges Coinbase and Binance.
It has advanced more than 7% through the day, pulling the crypto market higher. Ether (ETH), Solana’s SOL (SOL), XRP, Cardano’s ADA all were 5%-10% higher, while dogecoin surged 14%.
The Nasdaq, meanwhile, had its strongest day since early August, closing 2.8% higher.
Underneath, crypto leverage is building up. Since the overnight break above $82,000, traders added more than $2 billion in futures bets, taking open interest above $31 billion in notional value, according Coinalyze data.
Bitcoin is approaching 20 ounces of gold per coin, with the bitcoin-to-gold ratio currently at 19.8. That means one bitcoin can buy 19.8 ounces of gold, up from a low of 12 ounces in February but still well below (50%) its record high of just over 40 ounces.
The bitcoin-to-gold ratio is down just 1% year to date.
Coinbase is the latest U.S. trading platform to give retail investors access to IPO shares, joining Robinhood, SoFi, Fidelity and Charles Schwab.
Starting with smart-ring maker Oura’s IPO this week, eligible Coinbase customers can request shares at the offer price before public trading begins. Allocations aren’t guaranteed.
Retail IPO access itself isn’t new. What matters is Coinbase adding it to a platform built around crypto which brings the crypto platform closer to traditional brokerages and competitors such as Robinhood.
Shares are up 6% today as part of a wider crypto bull run led by bitcoin’s move past $85,000.
Crypto-related stocks started the week sharply higher Monday, riding the upbeat tone from an overnight rally that has now pushed bitcoin (BTC) to $86,000.
Securitize (SECZ) jumped as much as 8%, extending its three-day gain to roughly 50% before paring some of the gains as investors continued to cheer the SEC’s new rules around tokenized securities. Strategy (MSTR) climbed 9% after the bitcoin treasury firm resumed BTC purchases following a three-week pause.
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