Bitcoin Miners Contribute Most to Crypto Stock Rally as Profitability Jumps 18%
Crypto stocks rallied strongly on Tuesday as geopolitical tensions dropped following the Iran-Israel ceasefire.
Bitcoin mining firms like Marathon Digital (NASDAQ: MARA), Riot Platform (NASDAQ: RIOT) registered big gains as the miner-profitability shot 20% last month in May, according to a report by Jefferies. On the other hand, Coinbase (COIN) stock also rallied 12% moving closer to $350.
Crypto Stocks Among Top S&P 500 Gainers
Ever since the blockbuster Circle IPO, and the 800% CRCL stock rally, other crypto stocks trading on Wall Street have also picked up momentum recently. Coinbase was Tuesday’s top-performing stock, gaining 12%.
Other Bitcoin miners, including Riot Platforms and Marathon Digital, also added to the gains with increases of 8.09% and 4.94%, respectively.
Yesterday’s rally came as the broader market saw positive momentum, with the S&P 500 gaining 1.11% by the end of the trading day.
Robinhood Markets, Inc. (HOOD) gained 7.41%, bolstered by the rollout of its new 1% crypto deposit match promotion, which launched Tuesday and will continue through July 7.
In contrast, Circle (NASDAQ: CRCL) stock dropped 15.49%, closing around $222 as the rally cooled off. This week, Cathie Wood’s Ark Invest began profit-taking after nearly tripling its investment gains in just three weeks.
Bitcoin Miner Profitability on the Rise
Bitcoin mining profitability climbed 18.2% in May, driven by a 20% increase in Bitcoin’s price to $106,676.28 and a modest 3.5% rise in network hashrate. Speaking on the development, analysts Jonathan Petersen and Jan Aygul wrote:
“BTC’s rally follows the recent gold rally as investors seek inflation-protected assets in anticipation of ballooning fiscal deficits in the U.S., among other countries.”
U.S.-listed mining firms collectively produced 3,754 Bitcoin in May, up from 3,278 in April, the report said. North American miners accounted for 26.3% of the total network’s output last month, compared to 24.1% in April.
MARA Holdings led the group with 950 Bitcoin mined, a 35% increase month-over-month. CleanSpark (CLSK) followed, mining 694 Bitcoin during the same period.
However, in recent weeks, Bitcoin miners have increased selling pressure as BTC struggles to break above $106,000.
The post Bitcoin Miners Contribute Most to Crypto Stock Rally as Profitability Jumps 18% appeared first on Coinspeaker.
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Bitcoin Miners Contribute Most to Crypto Stock Rally as Profitability Jumps 18%
Crypto stocks rallied strongly on Tuesday as geopolitical tensions dropped following the Iran-Israel ceasefire.
Bitcoin mining firms like Marathon Digital (NASDAQ: MARA), Riot Platform (NASDAQ: RIOT) registered big gains as the miner-profitability shot 20% last month in May, according to a report by Jefferies. On the other hand, Coinbase (COIN) stock also rallied 12% moving closer to $350.
Crypto Stocks Among Top S&P 500 Gainers
Ever since the blockbuster Circle IPO, and the 800% CRCL stock rally, other crypto stocks trading on Wall Street have also picked up momentum recently. Coinbase was Tuesday’s top-performing stock, gaining 12%.
Other Bitcoin miners, including Riot Platforms and Marathon Digital, also added to the gains with increases of 8.09% and 4.94%, respectively.
Yesterday’s rally came as the broader market saw positive momentum, with the S&P 500 gaining 1.11% by the end of the trading day.
Robinhood Markets, Inc. (HOOD) gained 7.41%, bolstered by the rollout of its new 1% crypto deposit match promotion, which launched Tuesday and will continue through July 7.
In contrast, Circle (NASDAQ: CRCL) stock dropped 15.49%, closing around $222 as the rally cooled off. This week, Cathie Wood’s Ark Invest began profit-taking after nearly tripling its investment gains in just three weeks.
Bitcoin Miner Profitability on the Rise
Bitcoin mining profitability climbed 18.2% in May, driven by a 20% increase in Bitcoin’s price to $106,676.28 and a modest 3.5% rise in network hashrate. Speaking on the development, analysts Jonathan Petersen and Jan Aygul wrote:
“BTC’s rally follows the recent gold rally as investors seek inflation-protected assets in anticipation of ballooning fiscal deficits in the U.S., among other countries.”
U.S.-listed mining firms collectively produced 3,754 Bitcoin in May, up from 3,278 in April, the report said. North American miners accounted for 26.3% of the total network’s output last month, compared to 24.1% in April.
MARA Holdings led the group with 950 Bitcoin mined, a 35% increase month-over-month. CleanSpark (CLSK) followed, mining 694 Bitcoin during the same period.
However, in recent weeks, Bitcoin miners have increased selling pressure as BTC struggles to break above $106,000.
The post Bitcoin Miners Contribute Most to Crypto Stock Rally as Profitability Jumps 18% appeared first on Coinspeaker.
Read More