What's Going On With Cipher Mining, CleanSpark And Hut 8 Shares?
Portfolio Pulse from Adam Eckert
Shares of Bitcoin miners Cipher Mining Inc (CIFR), CleanSpark Inc (CLSK), and Hut 8 Corp (HUT) are trading higher as Bitcoin's price rises. Bitcoin crossed $40,000 in early December and has been volatile. The crypto rally is driven by optimism for a potential spot ETF, with Grayscale refiling a Bitcoin ETF application. Analysts expect SEC approval in early 2024. Federal Reserve rate cut expectations for 2024 are also boosting the crypto market. CIFR shares rose 7.03%, CLSK 10.1%, and HUT 5.04%.
December 27, 2023 | 3:29 pm
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Cipher Mining shares increased by 7.03% amid a broader Bitcoin rally, driven by optimism for a Bitcoin spot ETF and potential Federal Reserve rate cuts.
Cipher Mining's stock price is closely tied to the price of Bitcoin. The current rally in Bitcoin, partly due to the anticipation of a spot ETF and potential rate cuts, has a direct positive impact on CIFR's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
CleanSpark shares rose by 10.1%, benefiting from the increase in Bitcoin's price, driven by the same factors affecting the broader crypto mining sector.
CleanSpark's performance is highly correlated with Bitcoin's market movements. The positive sentiment around a Bitcoin spot ETF and the anticipation of Federal Reserve rate cuts are contributing to CLSK's stock appreciation.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Hut 8 shares increased by 5.04%, tracking the upward movement in Bitcoin's price, influenced by the broader market sentiment around a Bitcoin spot ETF and Fed's monetary policy.
Hut 8's stock is reacting positively to the rise in Bitcoin's price, which is being propelled by the market's optimism for a Bitcoin spot ETF and expectations of Federal Reserve rate cuts, indicating a bullish short-term impact.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90