RIOT - These Bitcoin-Related Stocks Are Plunging Today After Impressive Surges Earlier This Week
2023-04-19 15:07:59 ET
Following impressive moves yesterday, shares of various cryptocurrency miners are plunging today. As of 2:30 p.m. ET, shares of Riot Platforms (NASDAQ: RIOT) , Cipher Mining (NASDAQ: CIFR) , and CleanSpark (NASDAQ: CLSK) are down 9%, 10.7%, and 11.3%, respectively, over the past 24 hours.
As I reported yesterday , crypto miners were on the move in the opposite direction yesterday, with similar gains to the upside. Thus, today's move in these Bitcoin (CRYPTO: BTC) miners mean that these stocks have given up essentially the entirety of their upside moves in yesterday's session.
The price of Bitcoin has a lot to do with this move, with Bitcoin losing approximately 3.3% over the past 24 hours, at the time of writing. However, other factors, such as Bitcoin's hash rate (the computing power required to process blocks), suggests strength in the crypto mining sector, leading to optimistic views of this space over the medium term.
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These Bitcoin-Related Stocks Are Plunging Today, After Impressive Surges Earlier This Week