Shares of Bitcoin miners and crypto-linked stocks are trading higher after Bitcoin rose above $70,000.
Portfolio Pulse from Benzinga Newsdesk
Bitcoin miners and crypto-linked stocks are experiencing a surge as Bitcoin's price surpasses $70,000.
October 29, 2024 | 4:01 pm
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POSITIVE IMPACT
BITF shares are likely to rise as Bitcoin's price increase boosts the value of Bitcoin mining operations.
BITF is directly involved in Bitcoin mining, and a rise in Bitcoin's price increases the profitability of their operations, likely leading to a positive impact on their stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
CAN shares are likely to benefit from the Bitcoin price surge, as it is involved in the production of mining hardware.
CAN produces mining hardware, and a higher Bitcoin price can lead to increased demand for their products, positively impacting their stock.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
HIVE shares are expected to rise as the company benefits from increased Bitcoin mining profitability.
HIVE is a Bitcoin mining company, and the increase in Bitcoin's price directly enhances their revenue potential, likely leading to a stock price increase.
CONFIDENCE 90
IMPORTANCE 65
RELEVANCE 75
POSITIVE IMPACT
HUT shares are likely to increase as Bitcoin's price rise enhances mining operations' profitability.
HUT is involved in Bitcoin mining, and the rise in Bitcoin's price increases the profitability of their operations, likely leading to a positive impact on their stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
MARA shares are expected to benefit from the Bitcoin price surge, enhancing mining profitability.
MARA is a major Bitcoin mining company, and the increase in Bitcoin's price directly enhances their revenue potential, likely leading to a stock price increase.
CONFIDENCE 95
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
RIOT shares are likely to rise as Bitcoin's price increase boosts mining profitability.
RIOT is heavily involved in Bitcoin mining, and the rise in Bitcoin's price increases the profitability of their operations, likely leading to a positive impact on their stock price.
CONFIDENCE 95
IMPORTANCE 75
RELEVANCE 85