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Crypto Stocks Attempt Weekly Rebound, Bitcoin Miners Fall
Crypto stocks reflected the state of the digital asset market this week following multi-quarter outflows. While many assets remained in the red zone, a number of assets rebounded to end the week with inflows. Crypto stocks are influenced by the price of Bitcoin, altcoins, or developments in blockchain technology. This bearish market movement intensified after Bitcoin fell below $70,000.
As of press time Bitcoin trades at $65,964 while the market cap fell 1.3% today. As volumes plummeted, crypto stocks were impacted across the board.
Crypto stocks attempt recovery
MicroStrategy (MSTR) is up 0.79% and is trading at $1,495 today. The asset has fallen more than 5% this week as the price of Bitcoin has plummeted. Weekly losses reduced momentum, but day trading saw the asset regain lost ground. MicroStrategy continues to accumulate Bitcoin with 214,400 BTC and plans to acquire more with the recent announcement of a $500 million bond sale.
Bitcoin prices trading above $65,000 impacted crypto stocks with MSTR posting shy numbers compared to previous months. Cryptocurrency miner,
Bitfarm rose 2% to become a trending asset this week following developments surrounding its expansion and rejection of Riot Platforms’ offer.
Riot increased its ownership in Bitfarm to 14% and continues to push for an acquisition after an initial offering of $950 million. The stock’s surge brought the market capitalization above the figure of 1.25 billion dollars. Other bullish factors include its expansion into Pennsylvania.
Other miners see runoffs
Bitcoin miners posted daily losses as the asset plummeted in the cryptocurrency market. Digital Marathon (MARA) fell 2.65% to $19.47, while Riot Platforms posted a 4% loss. Riot’s largest loss came after Bitfarms resisted its acquisition plans. CleanSpark Inc. follows suit with a 1.4% loss on the market.
Outflows from crypto assets triggered liquidations as sentiment plummeted. While bulls predict a recovery, bears believe that crypto stocks are facing a difficult time.
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.