Crypto Stocks Struggle for a Weekly Recovery, Bitcoin Miners in Decline
Crypto stocks reflect the state of the digital asset market this week following multiple quarterly outflows. Although many assets remained in the red zone, some assets completed the week with inflows. Crypto stocks are affected by the price of Bitcoin, altcoins or developments in blockchain technology. This market’s downside movement increased after Bitcoin fell below $70,000.
At press time Bitcoin Today, its market cap is trading at $65,964, down 1.3%. Crypto stocks overall were also affected as volumes dropped.
Crypto Stocks Are Trying to Recover
MicroStrategy (MSTR) is trading at $1,495 today, up 0.79%. The asset is down over 5% this week as the price of Bitcoin falls. Weekly losses dampened momentum, but the recovery of the asset appeared to lose ground in daily trading. MicroStrategy continues to accumulate Bitcoin, holding 214,400 BTC, and plans to buy more with its recent announcement of a $500 million bond sale.
Bitcoin price trading above $65,000 has impacted crypto stocks, with MSTR pointing to shy numbers compared to previous months. crypto miners, Bitfarms It became a trending asset this week, up 2% following developments regarding its expansion and the rejection of Riot Platforms’ offer.
Riot increased its ownership in Bitfarm to 14% and continues to push for a takeover after an initial $950 million offer. The rise in the stock pushed its market value to over $1.25 billion. Other bullish factors include expansion into Pennsylvania.
Other Miners See Outflows
Bitcoin miners reported daily losses as the asset crashed into the crypto market. Marathon Digital (MARA) changed hands at $19.47, down 2.65%, while Riot Platforms lost 4%. Riot’s bigger loss followed its resistance to Bitfarms’ takeover plans. CleanSpark Inc. followed suit, with the market losing 1.4%.
Exits from crypto assets led to liquidations as sentiments fell. While bulls expect a revival, bears think crypto stocks are facing a rough patch.
So read: Cathie Wood Stocks Trending This Week
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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