Cryptocurrency-related stocks rally on tailwind from New York market

Virtual asset (cryptocurrency)-related stocks all showed strength, buoyed by the tailwind from the New York market. The news of Oracle and TikTok forming a joint venture is interpreted as having stimulated investor sentiment across technology stocks.

On the 19th (local time) at the New York Stock Exchange (NYSE), the Dow Jones 30 Industrial Average closed at 48,134.89, up 183.04 points (0.38%) from the previous session. The Standard & Poor's (S&P) 500 Index rose 59.74 points (0.88%) to 6,834.50, and the technology-focused Nasdaq Composite Index jumped 301.26 points (1.31%) to close at 23,307.62.

Market attention that day was drawn to the big deal between Oracle and TikTok. TikTok's parent company ByteDance signed an agreement with an investor consortium led by Oracle to establish a U.S. joint venture. The equity structure of the new company was finalized so that the Oracle consortium holds 50% and ByteDance holds 19.9%**.

The buying centered on technology stocks also spread to the virtual asset sector. Ethereum DAT firm Bitmine (BMNR) surged 10.31% from the previous trading day, recording a double-digit increase, and Sharplink Gaming (SBET) also jumped 8.76%.

Major leading stocks also maintained solid momentum. 'Bitcoin big player' MicroStrategy (MSTR) rose 4.16%, the United States' largest virtual asset exchange Coinbase (COIN) rose 2.47% to close, and blockchain company BTCS also gained 6.00%.