CAN - Why Crypto Mining Stocks Like Canaan and TerraWulf Were on Fire Today
2023-07-07 18:23:00 ET
Friday was an excellent day to be an investor in cryptocurrency mining company stocks. As a group, they surged ahead, with many rising at low double-digit rates.
Among these high flyers were Canaan (NASDAQ: CAN) , TerraWulf (NASDAQ: WULF) , and Cipher Mining (NASDAQ: CIFR) , which all booked gains of nearly 11% on the day. Trailing closely behind was Iris Energy (NASDAQ: IREN) with its rise of just under 10%. The quartet trounced the uninspiring 0.3% dip of the S&P 500 index.
It's not like the market suddenly woke up on Friday and discovered the wonders of Canaan, TerraWulf, and their numerous mining peers. These stocks have been doing well for days due to a number of factors.
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Why Crypto Mining Stocks Like Canaan and TerraWulf Were on Fire Today