Crypto-Related Stocks Surge in the U.S. Market Following Bitcoin Halving
Crypto-related stocks in the United States experienced significant gains on Monday, following the Bitcoin halving event. Despite the reduction in mining rewards, some of the country’s largest publicly traded Bitcoin miners saw double-digit percentage increases in their stock prices.
According to data from Google Finance, companies such as Marathon Digital, CleanSpark, Riot Platforms, Cipher Mining, and Hut 8 all witnessed substantial gains on April 22. Stronghold Digital Mining led the pack with a 35.3% increase, while Riot saw a jump of over 23%.
The momentum continued after hours, indicating sustained strength in the market. The Valkyrie Bitcoin Miners ETF also posted a significant 11% surge, reflecting the overall positive sentiment in the crypto industry.
While bitcoin exhibited minimal price movements on Monday, other crypto-related companies like Coinbase and MicroStrategy also saw gains. Market experts attribute the positive market sentiment to concerns about inflation rates, rising bond yields, and upcoming earnings reports from major companies.
Overall, the increase in crypto-related stocks coincided with a broader market rally, with the Nasdaq Composite and the S&P 500 recording gains as well. As the market continues to navigate through various economic factors, investors are keeping a close eye on the performance of crypto assets and related stocks.
