©Reuters.
The recent performance of , up 6.6% this week, had a varied impact on related stocks, with mining companies seeing notable moves. Junior mining companies Bitfarms and Core Scientific led the rise, with their shares rising 46.2% and 43.5%, respectively. Other mining companies like Argo Blockchain and Terawulf also saw gains of 31% and 20%.
On the other hand, some companies have not followed the upward trend. Cipher Mining shares fell 4.3%, while Hut 8 Mining Corp saw a slight decline of 3.9%. Marathon Digital Holdings notably outperformed bitcoin itself with a 10.1% increase in its shares. In contrast, Riot Blockchain saw only a modest 2.5% gain following JP Morgan’s rating change to ‘underweight’ and set a new price target of 12 dollars per share.
Coinbase (NASDAQ:), the cryptocurrency exchange, saw a slight growth of 1.5%, and Microstrategy, known for its large bitcoin holdings, rose 5.1%, both at trailing bitcoin’s performance.
In contrast, Canaan, a manufacturer of mining equipment, suffered a sharp decline of 19%. Galaxy Digital Holdings Ltd. also felt the market volatility with a drop of 1.62%, and Bakkt Holdings Inc., the digital asset marketplace, fell by 3.80%.
The financial community eagerly awaits upcoming economic data and policy decisions that could further influence market trends. Consumer Price Index data for November is expected to provide guidance on inflation trends, while the Federal Reserve’s interest rate decision on Wednesday will be closely monitored for its impact potential on investment strategies in various sectors, including cryptocurrencies and related stocks.
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