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Why Bitcoin Mining Stocks Were Soaring on Monday

TheMotleyFool

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Why Bitcoin Mining Stocks Were Soaring on Monday:

Shares of cryptocurrency mining stocks were soaring on Monday. Among them were BIT Mining Limited (NYSE: BTCM), Bitfarms (NASDAQ: BITF), Riot Blockchain (NASDAQ: RIOT), and CleanSpark (NASDAQ: CLSK). As of 1:30 p.m. EDT, these stocks were up 16%, 13%, 11%, and 12% respectively.

There are probably two factors impacting these stocks today. First, the price of Bitcoin (CRYPTO: BTC) continued rising over the weekend and currently sits around $45,900 per bitcoin, according to CoinDesk. However, today, the U.S. Senate voted to advance legislation that could hurt these companies, which may be why these stocks pulled back slightly from their daily highs early this morning.

Image source: Getty Images.

Source Fool.com

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