Crypto Stocks Attempt Weekly Rebound, Bitcoin Miners Decline
Highlights
- Crypto stocks attempt a rebound after weekly outflows.
- Bitfarms moved upwards while other Bitcoin miners saw losses.
- Digital assets continue in the red zone as sentiment tanks.
Crypto stocks have reflected the state of the digital asset market this week following outflows from many quarters. Although many assets remained in the red zone, a slew of assets made a rebound ending the week with inflows. Crypto stocks are influenced by Bitcoin price, altcoins, or developments in blockchain technology. This market downward movement heightened after Bitcoin fell below $70k.
At press time BTC trades at $65,964 while the market capitalization is down 1.3% today. As volumes plunge, crypto stocks have been impacted across the board.
Crypto Stocks Attempt Recovery
MicroStrategy (MSTR) is up 0.79% today trading at $1,495. The asset is down over 5% this week as Bitcoin price plummeted. Weekly losses lowered momentum but day trading saw the asset reclaim lost ground. MicroStrategy continues to accumulate Bitcoin holding 214,400 BTC and plans to acquire more with a recent announcement of a $500 million bond sale.
Bitcoin price trading above $65,000 has impacted crypto stocks with MSTR marking shy numbers compared to previous months. Crypto miner, Bitfarms is up 2% becoming a trending asset this week following developments concerning its expansion and rejection of Riot Platforms’s offer.
Riot increased its ownership in Bitfarm to 14% and continues to press for a takeover after an initial $950 million bid. The surge in the stock placed the market cap above the figure at $1.25 billion. Other bullish drivers include its expansion into Pennsylvania.
Other Miners See Outflows
Bitcoin miners posted daily losses as the asset plunged in the crypto market. Marathon Digital (MARA) plunged 2.65% exchanging hands at $19.47 while Riot Platforms saw a 4% loss. Riot’s wider loss came after resistance from Bitfarms on its takeover plans. CleanSpark Inc. follows suit with a 1.4% loss in the market.
Outflows from crypto assets sparked liquidations as sentiments plunged. While bulls anticipate a resurgence, bears opine that crypto stocks face a rough patch ahead.
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