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Published: March 14, 2023 at 10:52 am ET

Shares in cryptocurrency-related names rallied sharply Tuesday morning as prices for bitcoin and other digital assets soared.

Coinbase Global Inc. COIN shares are up 7.8% on morning activity after as much as 11.8% at the start of the session.

Shares in bitcoin miner Marathon Digital Holdings Inc. MARA and Riot Platforms…

Shares in cryptocurrency-related names rallied sharply Tuesday morning as prices for bitcoin and other digital assets soared.

Coinbase Global Inc.

COIN

Shares rose 7.8% on morning activity after climbing as much as 11.8% at the start of the session.

Shares in bitcoin miner Marathon Digital Holdings Inc.

MARA

and Riot Platforms Inc.

REVOLT

each increased by more than 10%. Hut 8 Mining Corp Stock

HUT

increased by 14%.

The rallies in crypto-related stocks come as Bitcoin

BTCUSD

up more than 7% as of Tuesday morning while Ethereum

ETHUSD

increased by more than 4%.

“With [Bitcoin] The recent rally may have legs in anticipation of a Fed pivot, but we continue to recommend a conservative approach to this sector,” DA Davidson analyst Chris Brendler wrote Tuesday of Bitcoin miner names. Brendler prefers “higher quality, lower cost miners with strong balance sheets” and gives a buy rating on Riot and Marathon stocks.

He noted that it's been a volatile year for mining stocks, which got off to a strong start in 2023 before “selling off for the last month until massive Fed-induced short-covering pushed them back into positive territory yesterday “.

Still, “The rapid, unexpected demise of Silvergate, Silicon Valley Bank, and Signature is still rippling through the crypto market, and the extent of the contagion is difficult to predict at this early stage,” he noted.

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also: Coinbase stock rallies but USDC concerns linger even after Fed SVB protection

Read: Signature collapse, Silvergate may cause crypto liquidity issues as balk at buying

By Rebecca French

Rebecca French writes books about Technology and smartwatches. Her books have received starred reviews in Technology Shout, Publishers Weekly, Library Journal, and Booklist. She is a New York Times and a USA Today Bestseller...