Bitcoin Mining Stocks Marathon Digital, Riot Platforms Are Moving Monday: What's Going On?
Portfolio Pulse from Adam Eckert
Crypto mining stocks Marathon Digital Holdings Inc (NASDAQ:MARA) and Riot Platforms Inc (NASDAQ:RIOT) are moving higher amid a rise in the price of Bitcoin. Bitcoin is up more than 2% over the last 24 hours and more than 9% over the last week due to several positive developments, including the SEC's decision to dismiss all claims against Ripple's CEO and executive chair, and optimism surrounding a potential spot ETF. Marathon Digital and Riot Blockchain's stocks were up 2.77% and 2.67% respectively.
October 23, 2023 | 2:14 pm
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Marathon Digital's stock is up 2.77% amid a rise in Bitcoin price.
Marathon Digital is a crypto mining company that directly benefits from the rise in Bitcoin price. As Bitcoin price increases, the value of the assets that the company mines also increases, leading to a rise in the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Riot Blockchain's stock is up 2.67% amid a rise in Bitcoin price.
Riot Blockchain is a company focused on building, supporting and operating blockchain technologies. As the price of Bitcoin increases, the value of the blockchain technologies that the company supports also increases, leading to a rise in the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100