Bitcoin's Record Rally To $73K Overshadows Death Cross Signals In Two Crypto Mining Stocks
Portfolio Pulse from Surbhi Jain
Bitcoin's surge to $73,000 overshadows the appearance of Death Cross signals in HIVE Digital Technologies Ltd (NASDAQ:HIVE) and Bit Digital Inc (NASDAQ:BTBT) stocks, indicating potential downward trends. HIVE reported strong Q3 earnings with $30.1 million in revenue and a 38% Gross Operating Margin, despite a 30.68% drop YTD. Bit Digital experienced a 47.04% decline YTD but remains active in mining and staking, with a production of 128.7 BTC in February 2024. The Death Cross, a bearish signal, has been triggered for both stocks, aligning with economist Peter Schiff's concerns about the underperformance of Bitcoin mining stocks.
March 13, 2024 | 4:51 pm
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Bit Digital Inc faces a Death Cross signal amid a 47.04% YTD decline, despite active engagement in mining and staking with 128.7 BTC produced in February 2024.
The Death Cross, coupled with a significant YTD decline, suggests potential further downside. Active mining and staking activities may not offset the bearish signal's impact in the short term.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
HIVE Digital Technologies faces a Death Cross signal despite reporting strong Q3 earnings with $30.1 million in revenue. The stock has dropped 30.68% YTD, indicating potential further declines.
The Death Cross is a bearish signal indicating potential further declines. Despite strong Q3 earnings, the YTD drop and the Death Cross suggest caution for short-term investors.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90