What's Going On With Bitcoin Mining Stocks Monday?
Portfolio Pulse from Adam Eckert
Bitcoin mining stocks Marathon Digital Holdings Inc (MARA), Riot Platforms Inc (RIOT), and CleanSpark Inc (CLSK) are trading lower due to a pullback in Bitcoin's price after a recent rally. The decline in Bitcoin is attributed to profit-taking following a 13% increase over the last week and a 150% rise year-to-date. The broader crypto rally has been fueled by optimism for a potential Bitcoin ETF and expectations that the Federal Reserve may stop rate hikes or discuss rate cuts.
December 11, 2023 | 2:18 pm
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NEGATIVE IMPACT
CleanSpark Inc's stock has decreased by 7.25%, more than its peers, likely due to the broader Bitcoin market downturn impacting its mining business.
CleanSpark Inc's stock is experiencing a significant drop, which can be attributed to its Bitcoin mining operations. The company's stock is reacting to the sharp decline in Bitcoin prices, indicating a strong correlation.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Marathon Digital Holdings Inc's stock is down 5.6% due to the recent Bitcoin price pullback, which is closely tied to the company's mining operations.
Marathon Digital Holdings Inc's performance is highly correlated with Bitcoin prices due to its mining operations. The recent drop in Bitcoin has led to a direct negative impact on MARA's stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Riot Platforms Inc's stock is down 5.5% in response to the Bitcoin price drop, reflecting the company's dependence on cryptocurrency mining.
Riot Platforms Inc is directly affected by Bitcoin's market movements due to its core business in Bitcoin mining. The downturn in Bitcoin prices has led to a similar downturn in RIOT's stock.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90