RIOT - Why Bitcoin Miners Cratered This Week
2024-05-03 16:48:04 ET
The halving didn't have quite the impact many investors hoped this week as the price of Bitcoin (CRYPTO: BTC) fell 3.4% over the last seven days as of 2:30 p.m. ET. A recovery of 4.7% in the last 24 hours has saved this from being an even worse collapse for the industry.
According to data provided by S&P Global Market Intelligence , Riot Platforms (NASDAQ: RIOT) fell as much as 13.8% during the week, Marathon Digital (NASDAQ: MARA) was down 11.8%, and Cleanspark (NASDAQ: CLSK) was off 16.2%. As I'm writing, the stocks are down 12.5%, 10.1%, and 15.2%.
As much as the crypto industry is talked about as an alternative to traditional finance, the same drivers of growth stocks will move Bitcoin. The biggest news items this week were a hotter-than-expected inflation report early in the week and the Federal Reserve deciding to hold rates steady on Thursday.
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Why Bitcoin Miners Cratered This Week