Roughed-Up Bitcoin Miner Stocks Attempt Rally as BTC Retakes $27K

Many in the sector are down 50% or more over the past two months.

AccessTimeIconSep 18, 2023 at 3:38 p.m. UTC
Updated Sep 18, 2023 at 4:00 p.m. UTC

Bitcoin (BTC) was higher by 3% on Monday, reaching above $27,000 for the first time in over two weeks, giving a minor boost to the mining stocks.

Hut 8 Mining (HUT) was one of the largest gainers, advancing 6.5% as it also announced final Canadian regulatory approval for its merger with USBTC.

Peers Riot Platforms (RIOT) and Marathon Digital (MARA) were ahead 6% and 2%, respectively.

Bitcoin mining stocks have suffered over the past two months alongside bitcoin’s tumble from about the $30,000 level, with all three of the above names down 50% or more since the middle of July.

At press time, bitcoin was holding at $27,300, up 3.1% over the past 24 hours. Coming later this week is a rate-setting meeting for the U.S. Federal Reserve. The central bank is almost universally expected to hold its benchmark fed funds rate steady at 5.25%-5.50%.

Edited by Stephen Alpher.


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Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

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