Bitcoin Mining Companies Soar Amid Gains In Crypto Stocks

David Pokima
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Bitcoin Miner Capitulation Ended? On-Chain Data Signals Market Recovery

Highlights

  • Bitcoin mining companies recorded inflows today.
  • Crypto stocks like COIN and MSTR also marked gains.
  • This comes following improved sentiment in Bitcoin and crypto assets.

Bitcoin (BTC) mining companies have recorded gains in the wake of new inflows in the price of the asset sparking a larger rebound in crypto stocks. Crypto stocks are assets whose value is influenced by the underlying asset or blockchain technology.

In Q1 2024, these assets surged on the back of new inflows to Bitcoin as the price hit a new all-time high above $72,000. The approval of spot Bitcoin ETFs and pre-halving momentum helped the rise of crypto stocks. Recent flows and market recovery have spiked the values of crypto stocks with Bitcoin miners posting gains. 

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Bitcoin Miners See Uptick 

Publicly traded Bitcoin mining firms have notched positive flows in the last 24 hours starting the week on a high. Marathon Digital (MARA) is up 11% today pushing weekly figures above 13%. This also comes after the firm released its market performances for the previous month. 

CleanSpark (CLSK) has soared 7.22% in the last 24 hours wiping out weekly losses. The losses seen by miners came after the Bitcoin halving momentum faded. Pre-halving saw highs with miners repositioning their reserves to expand hash rates. Canadian-based miner Hut 8 (HUT) is up 6.16% today extending its 5-day run to 8%. Although monthly flows stand in the red zone, recent flows have tricked into the crypto stock. 

Riot blockchain trades at $10.63 at press time as the asset joins other crypto stocks to record gains. The Bitcoin miner is up 2% today after recording an inflow in revenues. 

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Crypto Stocks Spike

Aside from Bitcoin mining companies, other crypto stocks have soared with bills projecting a wider run in the market. Coinbase (COIN), the largest exchange in the United States by market capitalization trades at $228.70, a 2.5% increase today. Coinbase recently posted increased revenues in Q1 earnings following a spike in on-chain transactions. 

Similarly, MicroStrategy (MSTR) has surged 6% with its Chairman Michael Saylor maintaining bullish momentum on the market leader. However, a slew of short traders projected a downward trend for crypto assets. 

Also Read: Bloomberg Analysts Support Bitcoin Price Prediction of $150,000

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.