Why Bitcoin Mining Stocks Like Marathon, Cleanspark, and Riot Crashed Last Month
Shares of many Bitcoin (CRYPTO: BTC) mining stocks crashed hard in September 2023, according to data from S&P Global Market Intelligence. Riot Platforms (NASDAQ: RIOT) lost 17.8%, Cleanspark (NASDAQ: CLSK) stock fell 22.7%, and Marathon Digital's (NASDAQ: MARA) shares dropped 33.4%.
These sudden price drops are not unheard of in this volatile market sector, but they are usually caused by a large price drop in Bitcoin. The largest cryptocurrency did trade lower last month, but only by 1.4%. So why did the crypto miners take such dramatic haircuts in a fairly quiet month for Bitcoin itself?
First and foremost, the crypto miners were soaring sky-high at the start of September. By the time the calendar page flipped, both Marathon and Riot had more than tripled their share prices year-to-date. The environment-focused Cleanspark trailed the larger miners, but was still up by 142% on Aug. 31.
Source Fool.com
