Benzinga - Crypto mining stocks including Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Platforms Inc (NASDAQ: RIOT) and CleanSpark Inc (NASDAQ: CLSK) are trading higher Tuesday amid a weekend increase in the price of Bitcoin (CRYPTO: BTC).
What To Know: Bitcoin crossed the $45,000 level over the long weekend and has held the gains to start the week. Bitcoin is now up nearly 7% over a 24-hour period, adding to gains of approximately 173% over the last year, according to Benzinga Pro.
The recent rally in the crypto space has largely been fueled by continued optimism surrounding a potential spot Bitcoin ETF. Currently, the only crypto ETFs that have been approved are tied to futures contracts.
A number of institutions submitted new documents related to their ETF applications over the weekend and the SEC could notify issuers about a potential decision as soon as Tuesday, according to a Reuters report. The report indicates there are currently a total of 14 asset managers seeking SEC approval for a spot Bitcoin ETF.
Expectations for rate cuts from the Federal Reserve in 2024 could also be helping drive some of the recent momentum in the crypto space.
Marathon Digital, Riot Platforms and CleanSpark are all Bitcoin miners. Bitcoin reached its highest levels in close to 21 months over the weekend. As Bitcoin continues to climb, Bitcoin-mining stocks continue to see increased investor attention.
See Also: Bitcoin Crosses $45K On First Day Of 2024, Ethereum, Dogecoin Spike As Well: Analyst Says It's 'A Great Year'
$BTC Price Action: Bitcoin was up 6.84% over a 24-hour period at $45,636 at the time of publication, according to Benzinga Pro.
Photo: Eivind Pedersen from Pixabay.
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