BTBT - Bitcoin Mining Stocks: What's Going on With RIOT MARA SOS HVBT and BTBT Today?
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Going into Monday’s market open, shares of Bitcoin (CCC:BTC-USD) mining stocks SOS Limited (NYSE:SOS), Riot Blockchain (NASDAQ:RIOT), HIVE Blockchain Technologies (NASDAQ:HVBT) and Bit Digital (NASDAQ:BTBT) are all seeing double-digit gains. The moves come as BTC tops $39,000 for the first time in nearly six weeks.
Bitcoin’s value has increased 11.2% in the last 24 hours, following what was a pretty good week for BTC bulls. The biggest cryptocurrency pushed past the $34,000 level after several weeks of stirring below that level.
On the technical side, that move through resistance tested the 21-day simple moving average for the first time since May. The next stop, seen by many analysts as a long-term bullish move, would be the $45,000 level.
The moves follow last week’s closely watched Bitcoin industry conference, “The B Word,” which included bullish BTC comments from Twitter (NYSE:TWTR) founder and CEO Jack Dorsey, Tesla’s (NASDAQ:TSLA) Elon Musk and ARK Invest’s Cathie Wood.
Amazon News Also Stokes Bitcoin Mining Stocks
Musk said that Tesla would likely start accepting BTC for car purchases again as a greater share of Bitcoin mining switches to renewable energy. In May, Tesla halted purchases using BTC over concerns about the “rapidly increasing use of fossil fuels for bitcoin mining.”
As if the words of those influencers weren’t enough, Amazon (NASDAQ:AMZN) is also rocking the cryptocurrency world, posting a key job opening in the digital currency space.
The “Great Disruptor” in so many industry segments, Amazon hasn’t made much noise in cryptocurrencies. Yet its job posting for a Digital Currency and Blockchain Product Lead seems to have caught people’s attention.
Specifically, the company’s Payments Acceptance and Experience team is seeking “an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.” The posting goes on to describe a fairly wide and comprehensive set of skills and experience needed by the ideal candidate, including “domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency.”
An Amazon spokesperson said that the company is “inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon,” according to CNBC.
On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. His Substack newsletter, TLV Strategist, covers the Israel business scene.
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