Crypto News- US cryptocurrency-related stocks in the United States saw a surge in value on Monday, alongside a general uptick in the market, following the recent Bitcoin halving. The five largest publicly-traded Bitcoin miners in the country—Marathon Digital (MARA), CleanSpark (CLSK), Riot Platforms (RIOT), Cipher Mining (CIFR), and Hut 8 (HUT)—all experienced notable gains during trading on April 22, with some registering double-digit percentage increases. Stronghold Digital Mining (SDIG) emerged as the top performer of the day, with its stock price climbing by 35.3% to $3.64, and continuing to rise by 4% in after-hours trading to nearly $3.80.
Bitcoin halving event: Shares of US cryptocurrency companies surge on the initial trading day following
Riot followed closely with a surge of over 23%, reaching $11.24, and then experiencing a 3.2% increase to $11.60 after the bell. Overall, U.S. crypto miners enjoyed price gains throughout the day, extending the momentum from Friday, April 19. The Valkyrie Bitcoin Miners ETF (WGMI), which includes mining stocks and select chipmakers such as Nvidia (NVDA), also saw a notable 11% increase, with a further 3% rise in after-hours trading to $16.69.
These price hikes occurred despite the reduction in Bitcoin mining rewards to 3.125 BTC per block following the halving on April 20. This trend coincided with a broader market uptick, with the Nasdaq Composite and the S&P 500 seeing respective jumps of 1.1% and 0.8% on the day. Analysts attributed this market momentum to reduced tensions in the Middle East and anticipation surrounding earnings reports from major tech companies.
David Donabedian, the chief investment officer at CIBC Private Wealth, spoke to Barron’s on April 22, noting that the market reacted to concerns about high inflation rates, rising bond yields, and speculation about potential rate cuts by the Federal Reserve. He also pointed out that nearly half of the country’s largest companies are scheduled to report their first-quarter earnings this week, which could contribute to increased market volatility.
Bitcoin’s price has increased by 4.5% to $66,810 since the halving, as reported by Cointelegraph Markets Pro. Prior to the event, market analysts had predicted a mix of outcomes for the cryptocurrency’s price following the halving.
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