What's Going On With Bitcoin Mining Stocks Wednesday?

Mar 6, 202417:42 UTC

RIOT

CLSK

MARA

Several Bitcoin mining stocks including Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Platforms Inc (NASDAQ: RIOT) and CleanSpark Inc (NASDAQ: CLSK) are moving higher Wednesday amid a rebound in the price of Bitcoin. Here’s a look at what's going on.

What To Know: Bitcoin briefly hit new all-time highs when it crossed the $69,000 level on Tuesday before retreating all the way back to around the $61,000 level. Bitcoin is bouncing back again on Wednesday.

Most have attributed the recent rally to a surge in demand following the approval of spot Bitcoin ETFs in January. Many crypto market participants are also looking ahead to April's halving event as the next potential catalyst.

Pomp Investments' Anthony Pompliano on Tuesday noted that the ETF approvals have pushed demand for bitcoin well above the available supply, which is creating massive inflows. With the halving coming next month, it's hard not to be bullish on bitcoin right now, Pompliano said.

The longtime bitcoin bull also told CNBC that the price of bitcoin has doubled in 18 days or less three of the previous four times bitcoin has eclipsed all-time highs.

Check This Out: Bitcoin To $140K In 2 Weeks? Here’s What Happens After It Hits New Highs

Marathon Digital engages in mining digital assets and focuses on the bitcoin ecosystem. The stock was up 4.11% at $23.18 at publication time.

Riot Blockchain is focused on building, supporting and operating blockchain technologies with a vision to become the leading bitcoin-driven infrastructure platform. Shares were up 1.39% at $12.41 Wednesday afternoon.

CleanSpark is an energy company that transitioned its expertise to focus on bitcoin mining in 2020. CleanSpark shares were up 10.6% at $16.97 at the time of publication.

$BTC Price Action: Bitcoin was up 3.64% over a 24-hour period at $66,933 at the time of publication, according to Benzinga Pro.

Photo: 15958319 from Pixabay