Bitcoin Mining Stocks Rise as Wall Street Hits All-Time Highs
Public Bitcoin mining companies, including Marathon Digital and Riot Blockchain, experienced positive returns on Monday as Wall Street reached new milestones.
Bitcoin Miners Benefit from Market Excitement
The top five largest Bitcoin mining firms saw gains ranging from 2.98% to 6.25% on Monday evening, coinciding with record highs set by the S&P 500 and Dow Jones. Although crypto-related companies are not directly listed in these indexes, the overall market excitement appears to have influenced investor sentiment.
Gainers in the Bitcoin Mining Sector
According to data from CompaniesMarketCap, Bitdeer Technologies Group (BTDR) emerged as the main gainer with a 6.25% price increase in the past 24 hours. Following closely are Cipher Mining (CIFR), CleanSpark (CLSK), Riot Blockchain (RIOT), and Marathon Digital (MARA) with gains of 5.22%, 3.35%, 3.01%, and 2.98% respectively.
Mixed Performance for Mining Companies
However, not all mining companies experienced positive returns on Monday. Core Scientific (CORZQ) faced a 9.3% decline amid reports of U.S. authorities investigating its backer, B. Riley, over connections to a client involved in securities fraud. The U.S. Securities and Exchange Commission (SEC) reportedly conducted interviews regarding the Los Angeles-based bank’s transactions, but no public accusations of wrongdoing were made against B. Riley.
Positive Momentum Extends to Coinbase
The positive momentum was not exclusive to Bitcoin mining companies only, as public crypto exchange Coinbase also saw a 2.7% rise, driving COIN share prices to $128.2. On January 22, the S&P 500 index achieved a 0.2% gain, reaching an all-time high at $4,866, according to Google Finance data. Additionally, the Dow index surpassed 38,089 for the first time, marking a 0.4% increase.
Hot Take: Bitcoin Mining Companies Ride Wall Street Wave
Bitcoin mining companies rode the wave of Wall Street’s record-breaking performance as the S&P 500 and Dow Jones hit all-time highs. The positive sentiment in the overall market influenced investor sentiment in the crypto sector, resulting in gains for major mining firms like Marathon Digital and Riot Blockchain. However, not all companies shared the same fate, with Core Scientific facing a decline amid reports of investigations by U.S. authorities into its backer’s connections to securities fraud. The positive momentum extended beyond mining companies to public exchange Coinbase, which also saw a rise in its share prices.
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