Why Many Crypto Stocks Soared Last Month -- Without a Bitcoin Tailwind
Many companies with deep ties to the cryptocurrency market saw strong stock gains in July 2023. (NASDAQ: MSTR) posted a 27.9% gain last month, CleanSpark (NASDAQ: CLSK) shares rose by 40%, and Riot Platforms (NASDAQ: RIOT) took the lead with a 56.7% price increase, according to data from S&P Global Market Intelligence.
Moves like these usually come alongside rising Bitcoin (CRYPTO: BTC) prices, but that was not the case last month. Bitcoin actually saw its token prices sliding 3.9% lower over the same period. So why did Cleanspark, MicroStrategy, and Riot soar without that typical tailwind at their backs?
The crypto-adjacent industry demonstrated its commitment to mining and owning Bitcoin for the long haul.
Source Fool.com
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