Why Bitcoin Stocks Skyrocketed Today

After taking a brief step back earlier this week, popular cryptocurrency Bitcoin (CRYPTO: BTC) has come roaring back to life today. According to CoinDesk, its price has recovered about 7% from lows hit earlier this week -- lows hit after Tesla CEO Elon Musk took to social media and criticized Bitcoin's carbon footprint.

That said, Bitcoin is still down over 20% from its all-time high earlier this year. As Bitcoin has gone down, many Bitcoin stocks have plummeted as well. This includes cryptocurrency miners like Marathon Digital Holdings (NASDAQ: MARA) and Riot Blockchain (NASDAQ: RIOT), as well as mining hardware company Canaan (NASDAQ: CAN). But with Bitcoin back on the rise, these stocks are skyrocketing today, up 16%, 16%, and 12%, respectively, as of 12:45 p.m. EDT.

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Source Fool.com