🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Bitcoin Mining Stocks Are Ripping Higher: What's Going On?

Published 27/02/2024, 14:20
© Reuters.  Bitcoin Mining Stocks Are Ripping Higher: What's Going On?
MAR
-
RIOT
-
BTC/USD
-
HIVE
-
HUT
-
CLSK
-
BITF
-

Benzinga - Shares of several Bitcoin (CRYPTO: BTC) mining stocks continue to move higher on Tuesday alongside the price of Bitcoin. Here’s a look at what you need to know.

What To Know: Bitcoin miners are getting a lift on Tuesday as the price of Bitcoin continues to trend higher. Bitcoin broke out of its recent trading range on Monday and has continued its surge on Tuesday moving above $57,000 and reaching its highest levels in more than two years.

Crypto markets, and Bitcoin in particular, appear to be getting a boost from increased demand following recently approved spot ETFs and anticipation of April’s halving event.

Several Bitcoin mining stocks have outpaced Bitcoin in recent weeks, which may be partly due to better-than-expected earnings. CleanSpark shares soared after the company reported strong earnings at the beginning of the month, and multiple other Bitcoin miners are due to report quarterly results in the coming weeks.

Here’s a look at some of Tuesday’s biggest movers:

  • CleanSpark Inc (NASDAQ:CLSK) up 13.9% at $23.17

  • Marathon Digital Holdings Inc (NASDAQ: MARA) up 10.2% at $32.31

  • Hut 8 Corp (NASDAQ:HUT) up 7.38% at $9.90

  • HIVE Digital Technologies Ltd (NASDAQ:HIVE) up 6.79% at $4.56

  • Bit Digital Inc (NASDAQ:BTBT) up 6.35% at $3.33

  • Riot Platforms Inc (NASDAQ: RIOT) up 3.28% at $17.94

Check This Out: Veteran Trader Peter Brandt Says Bitcoin Could Reach $200K By 2025, Warns Against ‘Laser Eye’ Trend

$BTC Price Action: Bitcoin was up 11.37% over a 24-hour period at $57,101 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.