Why did Marathon Digital stock pop today? Biden plan boosts cryptocurrency

Marathon Digital (NASDAQ:MARA) surged 14% in late trading on Wednesday in the session after President Biden announced his executive order for government agencies to examine the benefits and risks of cryptocurrencies as he seeks to keep the U.S. in a leadership role as an innovator. The plan gave investors and industry confidence that the government will provide clarity on digital asset regulations, making it easier for crypto-related companies to operate. It also implies that crypto won't be regulated out of existence. Bitcoin (BTC-USD +8.9%) jumped above $42K, ether (ETH-USD +6.3%), Binance coin (BNB-USD +3.2%), solana (SOL-USD +6.5%), cardano (ADA-USD +6.8%). With the gains in cryptocurrencies themselves, many publicly traded crypto miners rose at least 10%, including Riot Blockchain (RIOT +12.1%), Greenidge Generation (GREE +12.5%), CleanSpark (CLSK +10.4%), and Hut 8 (HUT +11.0%). Stocks in companies that operate in the crypto ecosystem, such as exchanges and facilitators, also rose robustly. Such as Coinbase