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Several Bitcoin (CRYPTO: BTC) mining stocks including Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Platforms Inc (NASDAQ: RIOT) and CleanSpark Inc (NASDAQ: CLSK) are trading lower Tuesday amid a pullback in the price of Bitcoin. Here's a look at what you need to know.
What Happened: Bitcoin miners and other crypto-related stocks are sliding Tuesday as the price of Bitcoin moves lower, sparking weakness in the broader crypto space. Bitcoin has been hovering near all-time highs for much of the last month.
Crypto analysts are expecting some choppiness in the price of Bitcoin leading up to comments from Federal Reserve chair Jerome Powell this week. The Fed will get another inflation reading Wednesday morning with the latest consumer price index data.
Monday also marked the first net outflow for spot Bitcoin ETFs in nearly three weeks. Following 19 consecutive days of net inflows, investors pulled money out of Bitcoin ETFs. Grayscale’s Bitcoin ETF reportedly experienced nearly $40 million in outflows.
Marathon Digital engages in mining digital assets and focuses on the Bitcoin ecosystem. The stock was down 3.19% at $18.85 at publication time.
Riot Blockchain is focused on building, supporting and operating blockchain technologies. Shares were down 2.78% at $9.62 Tuesday morning.
CleanSpark is an energy company that transitioned its expertise to focus on Bitcoin mining in 2020. CleanSpark shares were down 3.44% at $15.15 at the time of publication.
$BTC Price Action: Bitcoin was down 3.34% over a 24-hour period at $67,092 at the time of publication, according to Benzinga Pro.
Photo: Eivind Pedersen from Pixabay.
