Stocks Soar After Bitcoin Halving
After the recent Bitcoin halving event, crypto-related stocks in the United States experienced significant increases, mirroring a broader market rally just days after the halving event. Despite the reduction in mining rewards to 3.125 BTC per block, several stocks saw double-digit percentage gains.
Positive Stock Market Movement
- Top publicly traded Bitcoin miners like Marathon Digital, CleanSpark, Riot Platforms, Cipher Mining, and Hut 8 all witnessed substantial gains on April 22.
- Post-market trading sessions showed continued momentum for these stocks, indicating sustained growth.
Strong Performances
- Stronghold Digital Mining led the way with a 35.3% increase to $3.64 per share, extending gains to nearly $3.80 after hours.
- Riot experienced a jump of over 23% to $11.24, with an additional 3.2% gain after the closing bell, reaching $11.60.
Resilience in U.S. Crypto Miners
Overall, U.S. crypto miners showcased resilience and strength in the market, demonstrating continued momentum from previous rallies. The Valkyrie Bitcoin Miners ETF, including mining stocks and chipmakers like Nvidia, also posted a significant surge.
Bitcoin Price Movement
While bitcoin showed modest price movements, ranging between $64,525 and $66,905 on Monday, its volatility remained minimal. Market experts indicated that the halving event had been fully anticipated and priced in, hence the limited price fluctuations.
Other Crypto-Related Companies
- Coinbase witnessed a 7% increase to $225.86 per share, with a slight uptick after hours.
- MicroStrategy recorded a daily gain of 12.7%, extending by 2.5% after hours, reaching $1,357 per share.
Market Sentiment and Future Outlook
Regarding market sentiment, concerns about rising inflation rates, bond yields, and potential rate cuts by the Federal Reserve have subdued investor confidence. The upcoming reports of first-quarter earnings from major companies could add to market volatility in the coming weeks.
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