Benzinga - Shares of multiple Bitcoin (CRYPTO: BTC) mining stocks including Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Platforms Inc (NASDAQ: RIOT) and CleanSpark Inc (NASDAQ: CLSK) are moving higher Monday amid a rise in bitcoin prices. Here's a look at what’s going on.
What’s Going On: Bitcoin has trended sideways since hitting fresh highs in March. Following a period of net outflows, spot bitcoin ETFs reversed the trend in early May, before experiencing net outflows again at the end of last week. Although bitcoin appears to be stuck in a trading range, it’s moving higher Monday morning and was last up about 2.8% over a 24-hour period, hovering around $62,930.
One development that may be helping boost bitcoin prices to start the week is Metaplanet’s entry into the crypto space, according to CoinTelegraph.
The report indicates that the Tokyo-listed investment firm has acquired close to 118 bitcoin as a strategic reserve asset. The move is a direct response to sustained economic pressures in Japan, the company reportedly said in a press release.
Check This Out: Bitcoin Up 3%: What Will Inflation Data And Powell Speech Bring This Week?
Bitcoin may also be getting a lift from an increase in long-term holders. The 30-day average supply held by bitcoin’s long-term holders has grown 12% since the beginning of May. As of May 13, long-term holders of bitcoin collectively held more than 13.992 million bitcoin, per Glassnode data.
Mining stocks, in particular, have been volatile since last month's halving event. The halving is a programmed process in the bitcoin protocol that occurs every 210,000 blocks, or approximately every four years. Last month, the bitcoin network completed its fourth halving event, marking a significant reduction in the amount of rewards miners receive for successfully mining transactions.
CleanSpark is an energy company that transitioned its expertise to focus on Bitcoin mining in 2020. CleanSpark shares were up 8.32% at $16.84 at the time of publication.
Marathon Digital engages in mining digital assets and focuses on the Bitcoin ecosystem. The stock was up 4.78% at $17.98 at publication time.
Riot Blockchain is focused on building, supporting and operating blockchain technologies with a vision to become the leading Bitcoin-driven infrastructure platform. Shares were up 5.01% at $9.66 Monday morning.
Read Next: What’s Going On With Bitcoin Mining Stock Bitfarms?
Photo: 15958319 from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.