Bitcoin Mining Companies Soar Amid Gains in Crypto Stocks
Bitcoin (BTC) mining companies posted gains following new inflows in the asset’s price, which led to a larger rebound in crypto stocks. Crypto stocks are assets whose value is affected by the underlying asset or blockchain technology.
In the first quarter of 2024, these assets began to rise due to new inflows into Bitcoin, with the price reaching an all-time high above $72,000. Location confirmation Bitcoin ETFs and pre-halving momentum helped push crypto stocks higher. The recent inflows and market recovery have boosted the values of crypto stocks as Bitcoin miners reported earnings.
Bitcoin Miners Are on the Rise
Publicly traded Bitcoin mining firms recorded positive flows in the last 24 hours, starting the week on a high. Marathon Digital (MARA) is up 11% today, pushing the weekly figures up over 13%. This also comes after the company announced its market performances for the previous month.
CleanSpark (CLSK) erased its weekly losses by increasing 7.22% in the last 24 hours. Losses suffered by miners, Bitcoin halving momentum decreased. High levels were seen ahead of the halving as miners repositioned their reserves to increase hash rates. Canada-based miner Hut 8 (HUT) increased by 6.16% today, increasing its 5-day rise to 8%. Although monthly flows remain in the red zone, recent flows have deceived crypto stocks.
The Riot blockchain is trading at $10.63 at press time, with the asset joining other crypto stocks to post record gains. The Bitcoin miner is up 2% today after recording an inflow in revenues.
Crypto Stock Rise
Bitcoin mining companies, as well as other crypto stocks, rose along with bills predicting a broader rally in the market. Coinbase (COIN), the largest US exchange by market cap, is trading at $228.70 today, up 2.5%. coinbase recently reported revenue growth in its first-quarter earnings following a spike in on-chain transactions.
Similarly, MicroStrategy (MSTR) rose 6% as Chairman Michael Saylor continued bullish momentum for the market leader. However, a number of short investors were predicting a bearish trend in crypto assets.
So read: Bloomberg Analysts Back Bitcoin Price Forecast at $150,000
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