header banner
Default

By market close, cryptocurrency stocks begin to cool, but they continue to rise


Table of Contents

    Following a red hot morning of trading on Tuesday, some US crypto stocks lost some of their earlier gains throughout the afternoon. 

    Coinbase for instance, which bounced as high as 14% Tuesday, settled at just over $82 a share. Even so, this still represents a more than 6% increase on the day.

    The catalyst for all these stock jumps, bitcoin (BTC) itself, dipped from its $35,000 peak on early Tuesday morning to around $33,800 at the time of writing.

    Mining companies, the firms with the most to lose and the most to gain on the back of the digital asset, retreated along with bitcoin but stayed in the green. 

    Read more: Trading firms scrambling amid bitcoin price surge

    One miner that climbed as much as 20% on Tuesday — Marathon Digital — closed over 11% up. CleanSpark performed similarly to Marathon, ending the day with a resounding 10.46% surge. 

    Argo Blockchain had the most consistent and strongest price growth of the day, rising over 26% by around 4 pm ET. 

    Single digit gainers included Bitdeer, Hut 8, Hive Digital Technologies, Bitfarms and TeraWulf.

    Core Scientific was the outlier among mining companies, as their stock had a much smaller response to bitcoin surging past $34,000.

    Of course, Core Scientific has still yet to emerge from bankruptcy, with a disclosure statement hearing scheduled for Nov. 14, 2023. 

    MicroStrategy, though, stayed strong. By the stock market close, the top US corporate holder of bitcoin was in the green by over 12%.

    It still remains to be seen whether this bitcoin surge is the start of an era dominated by bullishness or simply a blip caused by frenzied speculation on social media about a spot bitcoin ETF.


    Don’t miss the next big story – join our free daily newsletter.

    Follow Sam Bankman-Fried’s trial with the latest news from the courtroom. 

    Tags
    • BTC
    • Marathon Digital
    • MicroStrategy

    Sources


    Article information

    Author: Lisa Fox

    Last Updated: 1698707282

    Views: 612

    Rating: 3.6 / 5 (99 voted)

    Reviews: 96% of readers found this page helpful

    Author information

    Name: Lisa Fox

    Birthday: 1951-04-13

    Address: 68423 Drake Ford Apt. 107, Marshstad, MI 45458

    Phone: +4227371035913663

    Job: Tour Guide

    Hobby: Fishing, Sewing, Amateur Radio, Chess, Sculpting, Running, Embroidery

    Introduction: My name is Lisa Fox, I am a expert, welcoming, audacious, candid, courageous, ingenious, proficient person who loves writing and wants to share my knowledge and understanding with you.