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Why Bitcoin Mining Stocks Popped Today

TheMotleyFool 
0 0 02.10.23
Why Bitcoin Mining Stocks Popped Today:
 

The value of Bitcoin (CRYPTO: BTC) rose sharply over the weekend, and that led to a jump in crypto miners and related suppliers on Monday. 

Early in trading, Bitfarms (NASDAQ: BITF) jumped as much as 15%, Hut 8 Mining (NASDAQ: HUT) rose 14.4%, Marathon Digital Holdings (NASDAQ: MARA) popped 14%, and Riot Platforms (NASDAQ: RIOT) surged 17.4%. Some of those gains were given back quickly, though, and at 1:15 p.m. ET shares were up 2.8%, 2.6%, 3.1%, and 7.8% respectively. 

Bitcoin miners and companies that make chips and products for mining are a leveraged play on the underlying cryptocurrency, and we're seeing that play out today. Bitcoin is up about 3.5% from market close on Friday to the time of writing, yet these stocks jumped significantly more than that. 

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Source Fool.com

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