Why Shares of CleanSpark, Riot Blockchain, and Hut 8 Mining Are Rising Today
Bitcoin mining stocks bounced today as the price of Bitcoin rebounded to around the $30,000 level after what has been an extraordinarily difficult week for the sector.
As of 3:25 p.m. ET, shares of CleanSpark (NASDAQ: CLSK) traded nearly 24% higher, Riot Blockchain (NASDAQ: RIOT) gained nearly 10%, and Hut 8 Mining (NASDAQ: HUT) was up roughly 14%.
Bitcoin finally stopped its downward plunge today after what has been a difficult week in which the world's largest cryptocurrency briefly fell below $26,000. Investors this week have been selling as they digest the macro outlook and the Federal Reserve's tightening monetary policy, which has already included multiple rate hikes and the Fed's clear intention to begin reducing its $9 trillion balance sheet.
Source Fool.com
