Marathon Digital, Riot Platforms And CleanSpark Are Rising Monday: What's Going On With Bitcoin Mining Stocks?
Bitcoin (CRYPTO: BTC) mining stocks including Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Platforms Inc (NASDAQ: RIOT) and CleanSpark Inc (NASDAQ: CLSK) are trading higher Monday as bitcoin bounces back from recent lows. Here's a look at what you need to know.
What To Know: Bitcoin is up more than 2% over the last 24 hours, bouncing back a bit after falling approximately 10% over the last month. The move higher appears to be driving strength in the broader crypto space and in crypto-related stocks.
Bitcoin may be getting a lift to start the week after spot ETFs saw their highest inflows in two weeks on Friday, adding $73 million overall. The Grayscale fund experienced outflows of more than $27 million, but the BlackRock ETF recorded a single-day inflow of $82.43 million and the Ark Invest and 21Shares funds had inflows of $42.8 million.
It’s worth noting that seasonal trends are historically favorable for Bitcoin in July. Bitcoin has a median return rate of 9.6% in July, which is historically much higher than June.
Related Link: Why Is Bitcoin Up On Monday?
Marathon Digital engages in mining digital assets and focuses on the Bitcoin ecosystem. The stock was up 9.87% at $21.84 Monday morning.
Riot Blockchain is focused on building, supporting and operating blockchain technologies. Shares were up 5.91% at $9.67 at publication time.
CleanSpark is an energy company that transitioned its expertise to focus on Bitcoin mining in 2020. CleanSpark shares were up 8.87% at $17.36 at the time of publication.
Read Next:
$BTC Price Action: Bitcoin was up 2.09% over a 24-hour period, trading at $62,827 at the time of writing, according to Benzinga Pro.
Photo: Shutterstock.