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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.
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.
STORY CONTINUES BELOW
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%.
Lyllah Ledesma
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds a master's degree from New York University in Business and Economics and an undergraduate degree in Political Science from the University of East Anglia. Lyllah holds bitcoin, ether and small amounts of other crypto assets.
