BTBT - Crypto miner stocks bouncing from bottom or dead-cat bounce?
A slew of crypto miner stocks have bounced back into positive territory in Thursday afternoon trading, even as bitcoin (BTC-USD), ethereum (ETH-USD) and other major cryptocurrencies extend losses amid a broader risk-off environment. Over the past 24 hours, bitcoin (BTC-USD -3.5%) is cratering to $29.4K - below its psychological key level of $30K - and ethereum (ETH-USD -10.0%) is falling under its $2K, recently trading at $1.99K. Of course, given its exceptional price volatility, this isn't the first time bitcoin (BTC-USD) has faced +50% corrections (look back to when BTC topped at ~$63K in April 2021 to collapse to sub $30K in the span of just three months). “While we can’t call the bottom and correlations among asset classes remain elevated, Bitcoin has survived corrections of 70-80% in the past,” said Martha Reyes, the head of research at crypto broker and exchange Bequant, as quoted by Barron's. “This may be an
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Crypto miner stocks bouncing from bottom or dead-cat bounce?