2023-04-26 14:42:12 ET
Today, Bitcoin miners TeraWulf (NASDAQ: WULF) , Riot Platforms (NASDAQ: RIOT) , and Marathon Digital (NASDAQ: MARA) are showing serious price jumps, as Bitcoin's price surged 8.8% higher in the past 24 hours. TeraWulf's stock's intraday moves peaked at a 24.5% gain this morning, while Riot rose as much as 12.8%, and Marathon Digital posted a peak price increase of 18.5%.
The ongoing banking crisis, exemplified by First Republic Bank 's precarious situation, has investors seeking alternatives to the traditional financial system. Many are turning to cryptocurrencies like Bitcoin, which is great news for companies that make a living from minting new Bitcoin tokens.
As old-school banks continue to stumble in the late stages of this inflation crisis and the federal interest rate increases it inspired, the cryptocurrency market is enjoying a resurgence. These three Bitcoin miners all benefit directly from that crypto market trend.
For further details see:
Bitcoin Miners Thrive as Banking Crisis Unfolds: What's the Deal?