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Bitcoin's 6.6% weekly rise boosts mining stocks; Marathon outshines BTC

Published Dec 10, 2023 20:42
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The recent performance of Bitcoin, with a 6.6% increase this week, has had a varied impact on related stocks, with mining companies experiencing notable movements. Smaller mining firms Bitfarms and Core Scientific led the surge, with their stocks rising by 46.2% and 43.5%, respectively. Other miners like Argo Blockchain and Terawulf also enjoyed gains of 31% and 20%.

In contrast, some companies did not follow the upward trend. Cipher Mining (NASDAQ:CIFR)'s stock dipped by 4.3%, while Hut 8 Mining Corp experienced a slight decline of 3.9%. Marathon Digital (NASDAQ:MARA) Holdings notably outperformed Bitcoin itself with a stock increase of 10.1%. On the other hand, Riot Blockchain (NASDAQ:RIOT) saw only a modest gain of 2.5% following J.P. Morgan's rating change to underweight and a new price target of $12 per share.

Coinbase (NASDAQ:COIN), the cryptocurrency exchange platform, saw a slight growth of 1.5%, and Microstrategy (NASDAQ:MSTR), known for its significant Bitcoin holdings, rose by 5.1%, both trailing behind Bitcoin's performance.

Meanwhile, Canaan, a maker of mining equipment, suffered a sharp downturn of 19%. Galaxy Digital Holdings Ltd. also felt the market's volatility with a decrease of -1.62%, and Bakkt Holdings Inc., the digital asset marketplace, fell by -3.80%.

The financial community is keenly anticipating upcoming economic data and policy decisions that may influence market trends further. The consumer price index data for November is expected to provide insights into inflation trends, while the Federal Reserve's interest rate decision on Wednesday will be closely monitored for its potential impact on investment strategies across various sectors, including cryptocurrencies and related equities.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Bitcoin's 6.6% weekly rise boosts mining stocks; Marathon outshines BTC
 

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