Bitcoin mining stocks surge as S&P 500 and Dow Jones reach unprecedented peak
Marathon Digital, Riot Blockchain, and other publicly traded Bitcoin mining companies experienced positive results on Monday as the stock market reached new milestones.
The five largest Bitcoin mining firms in terms of market capitalization saw gains ranging from 2.98% to 6.25% on Monday evening, coinciding with record highs set by the S&P 500 and Dow Jones. While no cryptocurrency-related companies are directly listed in these indexes, the overall excitement in the market seems to have influenced investor sentiment.
According to data from CompaniesMarketCap, Bitdeer Technologies Group (BTDR) saw the biggest increase, with a 6.25% rise in price over the past 24 hours. Following closely behind are Cipher Mining (CIFR), CleanSpark (CLSK), Riot Blockchain (RIOT), and Marathon Digital (MARA) with gains of 5.22%, 3.35%, 3.01%, and 2.98% respectively.
On the other hand, not all mining companies experienced positive returns on Monday. Core Scientific (CORZQ) faced a 9.3% decline due to reports of U.S. authorities investigating its backer, B. Riley, over connections to a client involved in securities fraud. The U.S. Securities and Exchange Commission (SEC) reportedly conducted interviews regarding the transactions of the Los Angeles-based bank, but no public accusations of wrongdoing were made against B. Riley.
The positive momentum was not limited to Bitcoin mining companies alone, as the public crypto exchange Coinbase also saw a 2.7% rise, driving COIN share prices to $128.2. On January 22, the S&P 500 index achieved a 0.2% gain, reaching an all-time high of $4,866, according to data from Google Finance. Additionally, the Dow index surpassed 38,089 for the first time, marking a 0.4% increase.
Article source: Bitcoin mining reaches new all-time high of 54% renewable use.
