RIOT - Why Crypto Mining Stocks Surged on Wednesday
2024-03-20 18:26:00 ET
Buoyed by several pieces of good news individually and optimism about cryptocurrencies generally, crypto mining companies had a fine Wednesday on the stock exchange.
Many of them closed the day well higher in price. Cleanspark (NASDAQ: CLSK) surged to a gain of almost 23%, while Marathon Digital Holdings (NASDAQ: MARA) wasn't far behind with a 16% increase. Riot Platforms (NASDAQ: RIOT) didn't quite reach those heights but did deliver a nearly 12% rise for its shareholders.
As the stock market approached its close, the most impactful event washed over cryptocurrencies. This was the Federal Reserve's decision to hold interest rates steady. In doing so, the Fed also indicated its willingness to cut rates later in the year, perhaps as much as three times.
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Why Crypto Mining Stocks Surged on Wednesday