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.
Also Read: Top 3 Memecoins To Sell This Week
Instant Currency Exchange at BestChange with Ease
- Compare Rates Across 1000+ Exchanges
- Access 250+ Cryptocurrencies & Pairs
- Save Time with Real-Time Price Tracking
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.
- FOMC Minutes Signal Broad Support for Fed Rate Hike if Inflation Persists
- WhiteBIT Enters the UK with Dedicated Crypto Platform for Local Users
- Breaking: Morgan Stanley Files Amended S-1 For Ethereum & Solana ETF
- XRP Whale Activity Slows, Here’s What Options Data Signals
- Vitalik Buterin Outlines Plans To Improve Ethereum’s Native Privacy
- How High Can XRP Price Rally If Fed Approves Ripple Master Account After Trump’s Executive Order?
- Crypto Market Today: BTC Holds $77K, ETH Slips Below $2,200, XRP Consolidates as Zcash Surges 5%
- Cardano Price Prediction as V11 Van Rossem Hard Fork Goes Live Ahead of May 29 Governance Vote
- Why is Zcash Price Surging 90% In a month while Bitcoin Struggles Under $78K?
- MSTR Stock Outlook as Wall Street Raises Target to $400 and Strategy Director Sells Shares
- Pi Network v23 Upgrade Goes Live as Major Mainnet Nodes Complete Updates: Will Pi Coin Rally To $0.20?
