Why MicroStrategy, Marathon Digital Holdings, and Bitfarms Are Soaring This Week
Shares of several crypto stocks have soared this week even more so than the broader crypto market, as investors bet that the worst may be over for the industry.
For the week, shares of the business intelligence company and Bitcoin holder MicroStrategy (NASDAQ: MSTR) traded nearly 24% higher as of 12:54 p.m. ET Thursday. Meanwhile, shares of Bitcoin miners Marathon Digital Holdings (NASDAQ: MARA) and Bitfarms (NASDAQ: BITF) traded close to 40% and 29% higher, respectively, according to data provided by S&P Global Market Intelligence.
It seemed a bit premature for the crypto market to be rising with such strength this week but market conditions are difficult to understand right now. First, the crypto market seemed to respond well to new inflation data. The Consumer Price Index (CPI), which tracks the prices on a market basket of consumer goods and services and is a good indicator of inflation, rose 0.5% in January and was up 6.4% year over year, which is higher than what economists had expected.
Source Fool.com
