Bitcoin Mining Stocks Shed Accumulated Gains
The volatility of Bitcoin continues to cause upsets in related industries like mining and other crypto stocks. Bitcoin mining stocks have plunged in the last 24 hours extending days in the red zone before the market recorded sell-offs.
Like other crypto stocks, mining stocks are influenced by market movements, macroeconomic factors, and industry events like the Bitcoin halving. A look at the charts shows that mining stocks are moving slightly in the red zone.
Mining Stock Plummets
CleanSpark (CLSK) trades at $15.60, down 1.83% today following outflows and reduced Bitcoin price. This extends weekly losses for the asset to 19% as it sheds previous gains gotten this year. Terawulf Inc (WULF) posted slight losses of 0.84% today trading at $2.35 as weekly losses surged above 10%.
WULF shares boomed last month with the inflows into Bitcoin and miners positioning for the halving. However, the assets stand at a 25% 30-day gain. Riot Platforms (RIOT) notched a slight 0.09% gain in an attempt to shake off weekly losses. The asset is still down 15% this week but showed better results in Q4 2023.
Marathon Digital (MARA) is down 0.22% in the last 24 hours and trades at $18.43. The asset plunged 16% this week and 15% this month. Bitcoin miners like Marathon Digital are leveraging on the bull run to improve capacity ahead of the halving.
Canadian-based Bitcoin miner Hut 8 posted much larger daily losses hitting 7% after highs of 17.76% recorded this month.
Bitcoin Miners Set Gaze on Halving
Bitcoin miners recorded sharp losses in the 2022 bull market but began posting slight gains in 2023 following inflows sparked by spot ETF anticipation. The gains helped several miners improve capacity towards the upcoming halving, largely perceived as a bullish activity.
This year, miners have moved Bitcoin to centralized exchanges with many analysts suggesting a move to leverage assets in a bid to improve hash rates. However, some of these movements are an outright sale as they reposition their holdings.
In a similar development, miners are reported to scramble for old computer hardware as the halving plot thickens.
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