Wall Street Milestones Propel Crypto Miners’ Stocks
As the financial world watched, the S&P 500 and the Dow Jones Industrial Average soared to unprecedented levels, bringing a wave of optimism that spilled over into the cryptocurrency mining sector. On Monday, a cluster of publicly traded Bitcoin mining firms, including industry leaders Marathon Digital and Riot Blockchain, saw their stock prices climb substantially.
Top Bitcoin Mining Firms by Market Cap Rally
The top five Bitcoin mining companies by market capitalization experienced a bullish run on Monday, with their stock values increasing between 2.98% to 6.25%. Bitdeer Technologies Group (BTDR) led the charge with a 6.25% jump in stock price, followed by Cipher Mining (CIFR), CleanSpark (CLSK), Riot Blockchain (RIOT), and Marathon Digital (MARA), all posting significant gains.
Market Sentiment Lifts Crypto Exchange Coinbase
The upbeat market sentiment didn’t stop at mining companies. Coinbase, a major public cryptocurrency exchange, also enjoyed a 2.7% increase in its stock price, which pushed COIN shares to a notable $128.2.
Contrasting Fortunes for Core Scientific Amid SEC Investigation
However, the positive trend was not universal across the mining industry. Core Scientific (CORZQ) faced a significant downturn, with its stock price dropping by 9.3%. This decline came amidst news of a U.S. Securities and Exchange Commission (SEC) investigation into the company’s backer, B. Riley, over connections to a client implicated in securities fraud.
Historic Highs for Major Market Indexes
These market movements in the crypto space are concurrent with historical performances of major market indexes. On January 22, the S&P 500 index notched a 0.2% gain, reaching a new all-time high at $4,866, while the Dow Jones Industrial Average also set a record, climbing to 38,089, marking a 0.4% increase.
English