Shares of crypto-related stocks are trading lower amid a drop in Bitcoin following a greater-than-expected rise in US inflation.
Portfolio Pulse from Benzinga Newsdesk
Crypto-related stocks including CLSK, COIN, HUT, MARA, MSTR, and RIOT are trading lower due to a decline in Bitcoin, which was triggered by a higher-than-expected increase in US inflation.
February 13, 2024 | 5:14 pm
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NEGATIVE IMPACT
CleanSpark's stock is trading lower due to the decline in Bitcoin, influenced by unexpected US inflation data.
CleanSpark, being a crypto-related company, is directly impacted by the performance of Bitcoin. The unexpected rise in US inflation has negatively affected Bitcoin's value, thereby impacting CLSK's stock negatively.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Coinbase's stock is trading lower as Bitcoin's value decreases following an unexpected rise in US inflation.
Coinbase's performance is closely tied to the cryptocurrency market, especially Bitcoin. The higher-than-expected US inflation data has led to a decrease in Bitcoin's value, negatively affecting COIN's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Hut 8 Mining Corp's stock is down due to the adverse impact of rising US inflation on Bitcoin's price.
Hut 8 Mining Corp, a company involved in cryptocurrency mining, is affected by the performance of Bitcoin. The unexpected increase in US inflation has led to a decrease in Bitcoin's value, thus impacting HUT's stock negatively.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Marathon Digital Holdings' stock is trading lower following a decrease in Bitcoin's value due to unexpected US inflation data.
Marathon Digital Holdings, being a digital asset company, is directly impacted by the fluctuations in Bitcoin's value. The surprise increase in US inflation has negatively affected Bitcoin, thereby impacting MARA's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
MicroStrategy's stock is trading lower as Bitcoin's value decreases, influenced by a higher-than-expected rise in US inflation.
MicroStrategy, which holds a significant amount of Bitcoin in its reserves, is affected by the cryptocurrency's performance. The unexpected rise in US inflation has led to a decrease in Bitcoin's value, negatively impacting MSTR's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Riot Blockchain's stock is trading lower due to the negative impact of the unexpected rise in US inflation on Bitcoin's value.
Riot Blockchain, a company that focuses on Bitcoin mining, is directly impacted by the performance of Bitcoin. The higher-than-expected US inflation data has led to a decrease in Bitcoin's value, negatively affecting RIOT's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80