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Prices of crypto stocks and currencies jumped in tandem on Wednesday after the Securities and Exchange Commission proposed a rule that could squeeze digital asset platforms such as Coinbase Global Inc. COIN 2.35%increase; green up pointing triangle
Shares of Coinbase were up 17% on the day. MicroStrategy Inc., MSTR 6.68%increase; green up pointing triangle a bitcoin-buying business-software company, rose 10%. Silvergate Capital Corp. SI -8.46%decrease; red down pointing triangle and Signature Bank SBNY -15.82%decrease; red down pointing triangle, two crypto banks that have come under pressure due to their links to collapsed crypto exchange FTX, were up 29% and 3.6%, respectively. Bitcoin, the largest cryptocurrency, rose about 9% to trade at around $24,173 as of 5 p.m. ET on Wednesday, according to Dow Jones Market Data.
