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What’s Happening with Cipher Mining, CleanSpark, and Hut 8 Shares? What’s Happening with Cipher Mining, CleanSpark, and Hut 8 Shares?

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Shares of Bitcoin BTC/USD miners including Cipher Mining Inc CIFR, CleanSpark Inc CLSK and Hut 8 Corp HUT are trading higher Wednesday as the price of Bitcoin continues to climb.

Bitcoin’s Wild Ride: Bitcoin crossed the $40,000 level at the beginning of December and has been stuck in a trading range throughout most of the month. However, it began moving lower over the long weekend and continued to trend down on Tuesday before finding its footing and reversing course.

The rally in the crypto space has largely been driven by continued optimism surrounding a potential spot ETF. Grayscale refiled an amended Bitcoin ETF application this week, and analysts continue to expect the SEC to approve a spot ETF in the coming weeks. Many anticipate approval coming in the first two weeks of 2024.

Why the Recent Surge: Expectations for rate cuts from the Federal Reserve in 2024 also appear to be helping fuel some of the recent rally in the crypto space.

Cipher Mining, CleanSpark, and Hut 8 are all Bitcoin miners, and their shares were up at the last check. Cipher Mining shares were up 7.03%, CleanSpark shares were up 10.1%, and Hut 8 shares were up 5.04%. The price action in mining stocks is largely tied to the price of Bitcoin.

$BTC Price Action: At the time of writing, Bitcoin was up 1.08% over a 24-hour period at $43,069, according to Benzinga Pro.

Photo: 15958319 from Pixabay.

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