Shares of crypto-related companies are trading higher amid a rise in Bitcoin.
Portfolio Pulse from Benzinga Newsdesk
Shares of crypto-related companies are experiencing an uptick due to a rise in Bitcoin prices.
October 24, 2024 | 3:07 pm
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POSITIVE IMPACT
Canaan Inc. shares are likely to rise as Bitcoin prices increase, benefiting from its crypto mining hardware business.
Canaan Inc. is directly involved in the production of crypto mining hardware, which benefits from increased Bitcoin prices as demand for mining equipment may rise.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Cipher Mining Inc. shares are likely to benefit from the rise in Bitcoin prices, as the company is involved in Bitcoin mining.
Cipher Mining Inc. is a Bitcoin mining company, and its stock is positively correlated with Bitcoin prices, which are currently rising.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 75
POSITIVE IMPACT
Coinbase Global Inc. shares are likely to rise with the increase in Bitcoin prices, as it is a major cryptocurrency exchange.
Coinbase benefits from higher Bitcoin prices as it leads to increased trading volumes and transaction fees on its platform.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
Hut 8 Mining Corp. shares are likely to rise due to the increase in Bitcoin prices, benefiting its mining operations.
Hut 8 Mining Corp. is a Bitcoin mining company, and its profitability is directly linked to Bitcoin prices, which are currently increasing.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Iris Energy Ltd. shares are likely to benefit from the rise in Bitcoin prices, as the company is involved in Bitcoin mining.
Iris Energy Ltd. is a Bitcoin mining company, and its stock is positively correlated with Bitcoin prices, which are currently rising.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Marathon Digital Holdings Inc. shares are likely to rise with the increase in Bitcoin prices, benefiting its mining operations.
Marathon Digital Holdings Inc. is a major Bitcoin mining company, and its profitability is directly linked to Bitcoin prices, which are currently increasing.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
MicroStrategy Inc. shares are likely to rise due to the increase in Bitcoin prices, as the company holds significant Bitcoin assets.
MicroStrategy Inc. holds a large amount of Bitcoin on its balance sheet, and its stock price is sensitive to changes in Bitcoin prices.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
Riot Platforms Inc. shares are likely to rise with the increase in Bitcoin prices, benefiting its mining operations.
Riot Platforms Inc. is a major Bitcoin mining company, and its profitability is directly linked to Bitcoin prices, which are currently increasing.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80