Here's Why Bitcoin Stocks Were Volatile This Week
There were two major stories for popular cryptocurrency Bitcoin (CRYPTO: BTC) during this past week, causing disparate reactions from the market. On Monday, the Department of Justice announced it had seized Bitcoin obtained during a ransomware attack. This caused Bitcoin to fall because investors started questioning how secure Bitcoin really is. But then on Tuesday, El Salvador voted to make Bitcoin legal tender. This was seen as a great development for Bitcoin's long-term adoption, sending coins higher.
All in all, Bitcoin is only up about 1% since the start of the week. But it was a volatile ride to get there.
Shareholders are already well aware, but Bitcoin stocks can trade as volatilely as Bitcoin itself. All of these stocks whipped up and down during the week. But as of Thursday afternoon, CleanSpark (NASDAQ: CLSK) stock was up 13% for the week. Marathon Digital Holdings (NASDAQ: MARA) and Osprey Bitcoin Trust (OTC: OBTC) were also up 9% and 8%, respectively. By contrast, Canaan (NASDAQ: CAN) stock was down almost 15%.
Source Fool.com
