The crypto mining sector is posting the largest gains in Monday trading.Read MoreCoinDesk
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
The recipient of a number of downgrades and price target cuts to start the year, crypto exchange Coinbase is higher by 15% today and now up nearly 25% from an all-time low hit earlier in 2023.
With most of the miners having begun the year priced as if they will follow peers Core Scientific (CORZ) and Argo Blockchain (ARBK) into either bankruptcy protection or some other form of restructuring, bitcoin’s modest advance is having a big effect on Monday. Marathon is higher by 24% and the company formerly known as Riot Blockchain, Riot Platforms (RIOT), is up 18.5%. Hut 8 (HUT), Hive Blockchain (HIVE), and Bit Digital (BTBT) are all ahead more than 20%. While up just 4.6% Monday, Argo has quadrupled in value since agreeing to a bailout from Galaxy Digital (BRPHF).
While the moves seem impressive, all of the above names have suffered declines above 80% over the past year, so today’s gains hardly amount to a blip on a longer-term chart.
As for bitcoin, it had been flatlining in the mid-$16,000 area since early December, but has managed to claw its way to $17,300 at press time, up about 5% for 2023.
As for other industry players on Monday, MicroStrategy (MSTR) is up 11%, and the ADRs of Galaxy Digital gained 10%.
Read more about
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
