Crypto Stocks Attempt Weekly Rebound, Bitcoin Miners Decline

David Pokima
Updated
Why Trust CoinGape
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.
Ethereum Bitcoin Solana XRP inflow

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. 

Advertisement
Advertisement

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. 

Advertisement
Advertisement

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.

Also Read: Trending Cathie Wood Stocks This Week

Advertisement
coingape google news coingape google news
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.