BTC - Why Bitcoin and Crypto Stocks Soared or Slumped in the First Half of 2024
2024-07-14 09:37:00 ET
The Bitcoin (CRYPTO: BTC) cryptocurrency posted a solid gain in the first half of 2024, starting with the introduction of spot Bitcoin exchange-traded funds (ETFs) in January. Bitcoin mining rewards were halved on April 19, hardly moving the crypto price right away but setting the stage for another four-year cycle of boom and bust. By the end of June, it had cruised to a solid 44.2% gain according to data from S&P Global Market Intelligence .
Then there's MicroStrategy (NASDAQ: MSTR) . The enterprise software company decided to ride Bitcoin's coattails in the most amplified fashion four years ago. MicroStrategy's balance sheet held $7.5 billion worth of Bitcoin but only $81 million of cash by the end of March. Mirroring Bitcoin's rise with an extra shot of adrenaline, MicroStrategy shot up a whopping 118.1% in six months.
Meanwhile, most crypto miners didn't share the same bullish fate. The reward halving had an immediate effect on their financial results, and the leading miners headed in different directions. Marathon Digital Holdings (NASDAQ: MARA) saw a 15.5% price drop, while Riot Platforms (NASDAQ: RIOT) lost 40.9% of its market value. Highlighting the complex nature of today's crypto market, CleanSpark (NASDAQ: CLSK) managed to keep pace with Bitcoin's gains, pocketing a 44.6% return.
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Why Bitcoin and Crypto Stocks Soared or Slumped in the First Half of 2024