On Mondays in the US, stocks tied to cryptocurrencies experienced notable growth, mirroring a larger market surge following the recent Bitcoin reduction in rewards.
In spite of the reduction in mining rewards to 3.125 BTC per block due to an event, certain stock prices still surged by over 10%.
Double-digit Percentage Gains
Based on Google Finance’s data, the five largest publicly traded Bitcoin mining companies in the country – Marathon Digital (MARA), CleanSpark (CLSK), Riot Platforms (RIOT), Cipher Mining (CIFR), and Hut 8 (HUT) – experienced significant price increases on April 22.
The progress made during regular trading hours has continued into after-hours, suggesting that the trend remains strong.
Stronghold Digital Mining (SDIG) took the front position, witnessing a significant jump of 35.3%, peaking at $3.64 per share. This upward trend persisted in after-hours trading, resulting in an additional 4% growth and bringing the stock close to $3.80.
After a surge of more than 23%, riot’s price reached $11.24 during trading hours. Following the market close, it rose further by 3.2%, resulting in a final price of $11.60.
In summary, U.S. cryptocurrency miners showed determination and robustness in the face of market challenges, continuing their gains that began on April 19th.
An ETF called the Valkyrie Bitcoin Miners Index Fund (WGMI) experienced a substantial increase of 11%, bringing its price to $16.59 per share during regular trading. Following this, there was an additional rise of 2.4% after the market closed. This ETF holds stocks related to bitcoin mining and some chipmakers such as Nvidia (NVDA).
Crypto stocks experienced a rise in value around the same time that the US market as a whole saw growth. The Nasdaq Composite and S&P 500 indices both registered gains, amounting to 1.1% for the former and 0.8% for the latter.
Bitcoin’s Price Movements
During this time, the value of bitcoin showed only slight fluctuations. According to TradingView’s data, its price hovered between $64,525 and $66,905 on Monday, indicating a low level of price swings.
According to Kok Kee Chong, the CEO of AsiaNext, he remarked that the anticipated bitcoin price adjustments following the halving event had already been factored in by the market, consequently, the price fluctuations were minimal.
Companies in the cryptocurrency sector, apart from mining, reported gains as well. For instance, Coinbase witnessed a surge of 7% during regular trading hours, reaching $225.86 per share. Post-market hours, there was a slight additional increase by 0.9%.
In a comparable manner, MicroStrategy experienced a daily increase of 12.7%, and afterwards, added an additional 2.5% in after-hours trading, resulting in a share price of $1,357.
David Donabedian, the investment head at CIBC Private Wealth, shared with Barron’s on the 22nd of April that investors were feeling cautious due to worries about high inflation levels, increasing bond interest rates, and rumors regarding possible rate adjustments by the Federal Reserve.
Around half of the biggest businesses in the country are set to release their first-quarter earnings reports this week, potentially leading to heightened market fluctuations.
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2024-04-23 15:08