BTC - Here's Why Bitcoin Mining Stocks Were Bouncing Back Today
The world's largest cryptocurrency by market cap, Bitcoin (CRYPTO: BTC) was bouncing back on Wednesday. To briefly recap, the price of Bitcoin hit an all-time high of almost $65,000 just last month. But following some environmental concerns from prominent influencers and new restrictions in China, the price collapsed and dipped below $31,000 just a few days ago. However, the price has bounced back and even surpassed $40,000 earlier today before settling back down to around $38,700 as of this writing.
When the price of Bitcoin was spiking higher in 2020 and early 2021, investors in Bitcoin mining companies were extremely bullish. These companies include Marathon Digital Holdings (NASDAQ: MARA) , Riot Blockchain (NASDAQ: RIOT) , SOS Limited (NYSE: SOS) , Bit Digital (NASDAQ: BTBT) , and Ebang International Holdings (NASDAQ: EBON) . But all of these stocks have been punished with Bitcoin's decline -- they're all down more than 55% from highs. However, these all bounced back today, rising between 11% and 14% as of 2:45 p.m. EDT.
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Here's Why Bitcoin Mining Stocks Were Bouncing Back Today