Despite bitcoin reaching another all-time peak on Monday, publicly traded mining stocks commenced the day with percentage declines. Stock linked to companies such as Marathon, Cleanspark, Riot, and various others have diminished in value compared to the U.S. dollar, even as bitcoin celebrates fresh price milestones.
Mining Stocks Tumble on Nasdaq
Nasdaq-listed bitcoin (BTC) miners are experiencing a downturn on Thursday, despite the premier cryptocurrency achieving new highs against the U.S. dollar. BTC soared to $72,486 on Monday, Mar. 11, 2024, yet shares of most bitcoin mining companies have decreased in value following a brief recovery last week. Last week, every one of the publicly listed mining firms ended Friday with gains, but Monday unfolded a completely different scenario.
Marathon shares at 12:00 p.m. Eastern Time on Monday.
Marathon Digital Holdings (Nasdaq: MARA) saw a decline of 5.23% just before 12 p.m. Eastern Time on Mar. 11, with Cleanspark (Nasdaq: CLSK) falling 7.88%. Terawulf (Nasdaq: WULF) experienced a 7.21% drop, and Bitdeer (Nasdaq: BTDR) decreased by 8.83%. Bitfarms Limited (Nasdaq: BITF) reported a 9.81% loss before midday, and Riot Platforms (Nasdaq: RIOT) encountered a 2.63% decline.
All U.S. publicly-listed miners registered losses on the Nasdaq, amidst comments from the brokerage firm Bernstein, which indicated mining stocks as the optimal equity representative in this bullish cycle. Bernstein highlighted “every window of miner weakness as a buying opportunity.”
What do you think about miner stocks declining on Monday? Share your thoughts and opinions about this subject in the comments section below.
