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Marathon Digital, Riot Platforms, and CleanSpark Are Up on Monday: What’s Going on With Bitcoin Mining Stocks?
Bitcoin BTC/USD mining stocks including Marathon Digital Holdings Inc MARA, Riot Platforms Inc. RIOT and CleanSpark Inc CLSK is trading higher on Monday as bitcoin recovers from recent lows. Here’s a look at What do you need to know.
What to know: Bitcoin is up more than 2% in the past 24 hours, recovering slightly after falling roughly 10% over the past month. The upward move appears to be driving momentum in the broader crypto space and crypto-related stocks.
Bitcoin may be getting a boost to start the week after spot ETFs saw their largest inflows in two weeks on Friday, adding $73 million in total. The Grayscale fund saw outflows of over $27 million, but the BlackRock ETF saw a single-day inflow of $82.43 million and the Ark Invest and 21Shares funds saw inflows of $42.8 million.
It’s worth noting that seasonal trends have historically been favorable for Bitcoin in July. Bitcoin has a median return of 9.6% in July, which is historically much higher than June.
Related link: Why did Bitcoin go up on Monday?
Marathon Digital is dedicated to mining digital assets and focuses on the Bitcoin ecosystem. The stock rose 9.87% to $21.84 on Monday morning.
Riot Blockchain is focused on building, supporting, and operating blockchain technologies. Shares were up 5.91% to $9.67 at the time of publication.
CleanSpark is an energy company that shifted its expertise to focus on Bitcoin mining in 2020. CleanSpark shares are up 8.87% to $17.36 at press time.
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$BTC Price Action: Bitcoin rose 2.09% in a 24-hour period, trading at $62,827 at the time of writing, according to Benzinga Pro.
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