CIFR - Why Cryptocurrency Stocks Were Up This Week
The world's largest cryptocurrency, Bitcoin (CRYPTO: BTC) , got a lot bigger this week, and that was good for the entire cryptocurrency space. That includes companies that mine tokens such as HIVE Blockchain Technologies (NASDAQ: HIVE) , companies that aspire to mine them like Cipher Mining (NASDAQ: CIFR) , and companies that provide mining equipment to those that do, such as Canaan (NASDAQ: CAN) . And, of course, there's also Coinbase Global (NASDAQ: COIN) , which operates a major exchange that allows people to trade cryptocurrencies.
All of these stocks have gone up since the market closed last Friday. According to data provided by S&P Global Market Intelligence , as of the market close on Thursday, HIVE Blockchain was up 19%, Cipher Mining was also up 19%, Canaan was up 33%, and Coinbase was up 7%.
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Why Cryptocurrency Stocks Were Up This Week