HomeMarket NewsSmall CapsWhy Bitcoin Mining Stocks Marathon Digital and Riot Platforms are Surging Today

Why Bitcoin Mining Stocks Marathon Digital and Riot Platforms are Surging Today

Actionable Trade Ideas

always free

finance 3333928 1920 3

The price of Bitcoin is on the rise, and with it, the value of Bitcoin mining stocks. Today, stocks like Marathon Digital Holdings Inc (MARA) and Riot Platforms Inc (RIOT) are experiencing a significant boost.

The Rise of Bitcoin

Over the past 24 hours, Bitcoin has seen a 2% increase in price, and over the past week, it has risen by more than 9%. Several positive developments in the cryptocurrency market have contributed to this upward momentum.

Dismissal of Claims Against Ripple CEO and Executive Chair

A positive development last week was the SEC’s announcement that it plans to dismiss all claims against Ripple CEO Brad Garlinghouse and Executive Chair Chris Larsen. This news has had a ripple effect on the broader cryptocurrency market, including Bitcoin.

Optimism Surrounding a Potential Bitcoin ETF

There is continued optimism regarding the possibility of a Bitcoin Exchange Traded Fund (ETF). Grayscale has submitted an S-3 to the SEC, indicating its intention to list the shares of its Grayscale Bitcoin Trust on the NYSE Arca, a move that is part of its efforts to convert the trust into a Bitcoin ETF.

β€œWe remain committed to working collaboratively and expeditiously with the SEC on behalf of GBTC’s investors,” said Grayscale.

Marathon Digital Holdings Inc

Marathon Digital Holdings Inc is a company focused on mining digital assets, with a particular emphasis on the Bitcoin ecosystem. At the time of publication, Marathon Digital’s stock was up 2.77% at $7.98.

Riot Platforms Inc

Riot Platforms Inc is dedicated to building, supporting, and operating blockchain technologies, with the goal of becoming a leading Bitcoin-driven infrastructure platform. Shares of Riot Platforms were up 2.67% at $9.11 on Monday morning.

The increasing value of Bitcoin and the positive developments in the cryptocurrency market have resulted in significant gains for Bitcoin mining stocks like Marathon Digital and Riot Platforms. Investors and traders are closely monitoring these stocks for further growth potential.

Photo: Eivind Pedersen from Pixabay.

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.