Bitcoin
Crypto Stocks Attempt Weekly Recovery, Bitcoin Miners Decline
Crypto stocks reflected the state of the digital asset market this week after many quarterly outflows. Although many assets remained in the red zone, a number of assets recovered, ending the week with inflows. Crypto stocks are influenced by the price of Bitcoin, altcoins or developments in blockchain technology. This downward market movement increased after Bitcoin fell below $70K.
At press time Bitcoin it trades at $65,964, while the market capitalization fell 1.3% today. As volumes plummet, cryptocurrency stocks have been impacted across the board.
Crypto Stock Recovery Attempt
MicroStrategy (MSTR) rose 0.79% today to trade at $1,495. The asset fell more than 5% this week as the price of Bitcoin fell. Weekly losses reduced momentum, but day trading saw the asset regain lost ground. MicroStrategy continues to accumulate Bitcoin with 214,400 BTC and plans to acquire more with a recent announcement of a $500 million bond sale.
Bitcoin’s price trading above $65,000 impacted cryptocurrency stocks, with MSTR marking tepid numbers compared to previous months. Crypto miner,
Bit Farms rose 2%, becoming a trending asset this week following developments regarding its expansion and rejection of Riot Platforms’ offer.
Riot has increased its stake in Bitfarm to 14% and continues to push for an acquisition following an initial offering of $950 million. The rise in shares put the market value above $1.25 billion. Other bullish factors include its expansion in Pennsylvania.
Other miners see outflows
Bitcoin miners recorded daily losses as the asset plummeted in the crypto market. Digital Marathon (MARA) plummeted 2.65% changing hands at $19.47, while Riot Platforms saw a 4% loss. Riot’s broader loss came after Bitfarms resisted its acquisition plans. CleanSpark Inc. follows suit with a 1.4% market loss.
Outflows from crypto assets sparked sell-offs as sentiments plummeted. While bulls predict a resurgence, bears opine that crypto stocks face a rough patch ahead.
Read too: Cathie Wood Stock Trends This Week
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and keeps an eye on the latest news. Staying up to date with trends, David has reported on various niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from financial markets, David rides his bike and horses.