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.
Sep 18, 2023 at 3:38 p.m. UTC
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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%.
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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.