- After spending the majority of the last ten days trading below $60,000, the price of bitcoin surged to beyond $63,000.
- The stock of Cipher Mining closed up over 27%, with notable increases coming from Coinbase, Marathon Digital, and other companies.
The surge in bitcoin led to a record-breaking day for stocks linked to cryptocurrencies on US indices on Monday.
Monday was a really good day for cryptocurrency miners. The largest risers on the day were Cleanspark (CLSK), Hut 8 (HUT), Riot Platforms (RIOT), Marathon Digital (MARA), and Cipher Mining’s shares (CIFR), which closed up more than 27%.
After nearly a week of trading below $60,000, the price of Bitcoin surged to beyond $63,000 early on Monday morning, following the news that former US President Donald Trump had escaped an attempted assassination on Saturday. Sen. J.D. Vance, a supporter of cryptocurrencies, was selected by Trump as his running partner for the 2024 presidential contest late on Monday afternoon.
The industry was also encouraged by BlackRock CEO Larry Fink’s statement that Bitcoin is a respectable financial tool.
At $242.85 per share, Coinbase’s shares (COIN) closed up over 11%, reaching its highest level in a month. Devin Ryan, managing director of JMP and director of financial technology research, stated that the stock still has a lot of upside left in it.
The share price of MicroStrategy (MSTR) increased by 15.3% to $1,623. The corporate bitcoin holding and business intelligence organization announced last week that its stock would split 10-for-1 on August 1.
On the first trading day of the week, Berstein analysts provided an additional lift for bitcoin mining stocks.
The Bitcoin mining Goldilocks scenario is beginning to take shape: increased likelihood of pro-bitcoin political shifts; the United States becoming the leading center for Bitcoin mining and the newest mining chips; miners being recognized for their leadership in power interconnect; and miners becoming powerful allies for AI data centers On Monday, Gautam Chhugani and Mahika Sapra sent a note to their clients.
Iris Energy (IREN) dropped 2.56% to end the day as the only bitcoin miner in the red. A short-seller’s negative thesis on the stock’s valuation was released last week, and it caused a significant decline.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
