Benzinga - Several Bitcoin (CRYPTO: BTC) mining stocks, including Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Platforms Inc (NASDAQ: RIOT) and CleanSpark Inc (NASDAQ: CLSK) are trading lower Monday. The moves appear to be due to a pullback in the price of Bitcoin.
What To Know: Mining stocks are moving lower as Bitcoin suffers its steepest drop in almost four months following a surge in price to start the month. The pullback in Bitcoin appears to be due to profit taking after the world's largest cryptocurrency rallied more than 13% over the last week and remains up close to 150% year-to-date.
Much of the recent rally in the broader crypto space has been driven by continued optimism surrounding a potential spot Bitcoin ETF and expectations that the Federal Reserve is likely done hiking rates and could even begin to talk about cutting.
Marathon Digital, Riot Platforms and CleanSpark are all Bitcoin miners.
See Also: Bitcoin's Social Dominance Tanks Over 30% As Price Dips Below $42K, LunarCrush Data Reveals
MARA, RIOT, CLSK Price Action: At the time of publication, Marathon shares were down 5.6% at $15.84, Riot shares were down 5.5% at $14.96 and CleanSpark shares were down 7.25% at $9.59, according to Benzinga Pro.
Photo: Eivind Pedersen from Pixabay.
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