Stocks hold onto their gains even after bitcoin raise back

Despite the recent retreat in the price of bitcoin, the stocks have managed to hold onto their gains.

A analysis of 17 stocks of companies that have made blockchain or cryptocurrency announcements showed an average gain of 224 percent through Thursday's close from they released those statements.

"There's been a continued surge of crypto headlines," said Michael Antonelli, managing director at Robert W. Baird in Milwaukee. "It's gotten more worrisome as more companies have changed their names. It's the kind of stuff you saw back in the dot-com era"

Even with the declines on Friday, bitcoin itself is still more than double from its price at the start of November while the stocks are still well above their prices before the companies made cryptocurrency announcements.