Why Bitcoin-Related Stock CleanSpark Is Exploding Higher
Portfolio Pulse from Henry Khederian
Shares of CleanSpark Inc (NASDAQ:CLSK) are trading higher by 17.7% after Bitcoin reached $35,000 for the first time since 2022. The rise in Bitcoin's price increases the profitability of cryptocurrency mining, potentially increasing demand for CleanSpark's services. The anticipation of a potential Bitcoin ETF, which suggests greater institutional interest in cryptocurrencies, could also attract more investors to the cryptocurrency market, further increasing demand for CleanSpark's services.
October 24, 2023 | 2:21 pm
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CleanSpark's shares are trading higher due to the rise in Bitcoin's price and the potential approval of a Bitcoin ETF. Both factors could increase demand for CleanSpark's services.
CleanSpark's business is directly tied to the cryptocurrency market, particularly Bitcoin. As Bitcoin's price rises, it becomes more profitable to mine, which could increase demand for CleanSpark's services. Additionally, the potential approval of a Bitcoin ETF could attract more investors to the cryptocurrency market, further increasing demand for CleanSpark's services.
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