On Monday, crypto-stocks linked to the US market experienced growth together with the general market rise, following closely on the heels of Bitcoin’s (BTC) halving event – some even achieving double-digit percentage increases.
Five of the largest publicly-traded Bitcoin mining companies in the country, including Marathon Digital (MARA), CleanSpark (CLSK), Riot Platforms (RIOT), Cipher Mining (CIFR), and Hut 8 (HUT), experienced gains during trading on April 22. These companies have also continued to rise in after-hours trading, according to Google Finance.
On this particular day, Stronghold Digital Mining (SDIG) experienced significant growth within the cryptocurrency market, recording an increase of approximately 35.3%, which brought its price up to around $3.64. Following the market close, SDIG continued to climb by nearly 4%, reaching almost $3.80.
Riot followed with an over 23% jump to $11.24 and a 3.2% after-the-bell rally to $11.60.
In total, cryptocurrency miners based in the United States experienced price increases on this day, building upon the growth they had seen since April 19th.
An ETF named the Valkyrie Bitcoin Miners Fund (WGMI), consisting of mining companies’ shares and a few chipmakers like Nvidia (NVDA), experienced a 11% increase during regular trading, followed by a 3% upward shift after hours, reaching $16.69.
Despite the decrease in Bitcoin mining rewards to 3.125 BTC per block following the halving on April 20 around midnight UTC (April 19, 8:09 pm EDT), crypto stock prices have surged.
The increase aligns with a larger surge in the U.S. stock market, as the Nasdaq Composite and S&P 500 rose by 1.1% and 0.8%, respectively, on the day following a week of losses. This market recovery can be linked to reduced conflicts in the Middle East and upcoming earnings reports from prominent tech companies.
According to David Donabedian, CIBC Private Wealth investment chief, in an interview with Barron’s on April 22nd, expressed concerns about the market being affected by rising inflation levels, increasing bond yields, and anticipation of potential interest rate decreases from the Federal Reserve.
Approximately half of the largest businesses in the country are set to release their first-quarter earnings this week, potentially contributing to market fluctuations.
The cost of a Bitcoin unit has climbed by 4.5%, reaching $66,810 as reported by CryptoMoon Markets Pro, following the halving. Prior to this occurrence, analysts debated among themselves about the potential impact on Bitcoin’s price post-halving.
At the same time, Coinbase, a crypto exchange, experienced a 7% increase to reach $225.86 during regular trading hours. After the market closed, Coinbase added another 0.8%. Similarly, MicroStrategy, a company specializing in Bitcoin purchases, reported a 12.7% daily gain, reaching $1,357. This figure rose by an additional 2.5% after the market had closed.
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2024-04-23 05:02