Why Crypto Stocks Had a big Post-Halving Rally Today
A major event in the cryptocurrency world occurred just before the weekend, and it drew many investors into digital coins, tokens, and related assets on Monday. By and large, the numerous crypto stocks on the exchange did very well, with more than a few notching double-digit price gains on the day.
This event was (it nearly goes without saying for anyone even mildly interested in cryptocurrencies) the halving of its most important asset. The positive knock-on effects lifted the value of crypto miners Riot Platforms (NASDAQ: RIOT) and Cleanspark (NASDAQ: CLSK), which advanced a respective 23% and 11%. Also rising notably was all-in Bitcoin (CRYPTO: BTC) investor (NASDAQ: MSTR); it closed the day nearly 13% higher.
For those who might not know or be fully aware, the halving refers to the reward miners receive when they create new Bitcoin. Since the supply of the leading cryptocurrency will ultimately be capped, roughly every four years those rewards are cut in half (hence the term "halving"). Bitcoin's latest halving occurred last Friday night.
Source Fool.com
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