Bitcoin Mining Stocks Marathon Digital, CleanSpark And Riot Platforms Are Rising: What's Going On?
Bitcoin (CRYPTO: BTC) mining stocks including Marathon Digital Holdings Inc (NASDAQ: MARA), CleanSpark Inc (NASDAQ: CLSK) and Riot Platforms Inc (NASDAQ: RIOT) are rising Thursday as bitcoin bounces off recent lows. Here's a look at what you need to know.
What To Know: Bitcoin is up about 0.35% over the last 24 hours and has risen approximately 1.56% over the past week. The bounce back Thursday appears to be driving strength in crypto-related stocks.
Bitcoin has been stuck in a downtrend for the better part of the last month, but prices have started to stabilize in July as spot bitcoin ETFs see positive flows.
Bitcoin ETFs had net inflows of nearly $300 million on Monday and followed that up with $216 million in net inflows on Tuesday.
Professional Capital Management CEO Anthony Pompliano said in a CNBC interview this week that a lot of the net inflows into spot bitcoin ETFs over the first half of the year were actually from retail investors. He expects more institutional money to begin flowing into ETFs in the second half of the year, which could drive prices higher, he said.
Related Link: Bitcoin Should ‘Close A Monthly Candle Above $73,000’ To Invalidate Sell Signal, Says Trader
Marathon Digital engages in mining digital assets and focuses on the bitcoin ecosystem. The stock was up 2.59% at $19.38 at publication time.
CleanSpark is an energy company that transitioned its expertise to focus on bitcoin mining in 2020. CleanSpark shares were up 3.16% at $15.66 Thursday morning.
Riot Blockchain is focused on building, supporting and operating blockchain technologies. Shares were up 5.29% at $9.62 at the time of publication.
$BTC Price Action: Bitcoin was hovering around $57,750 at the time of publication, according to Benzinga Pro.
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This illustration was generated using artificial intelligence via Midjourney.