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Bitcoin Miner Stocks Make a Comeback Amid BTC's Return to $27K

Sep 19, 2023 at 10:59 am

In recent months, a significant portion of the industry has experienced a notable decline in value, with some witnessing drops of 50% or more.

Monday saw Bitcoin (BTC) making a notable move with a 3% surge, breaching the $27,000 threshold for the first time in over two weeks. This uptick provided a modest boost to mining-related stocks.

Hut 8 Mining (HUT) stood out as a prominent gainer, registering a substantial 6.5% increase. Additionally, they announced the final regulatory approval from Canada for their merger with USBTC.

Similarly, peers in the mining sector, Riot Platforms (RIOT) and Marathon Digital (MARA), posted gains of 6% and 2% respectively.

Companies involved in Bitcoin mining have navigated through a challenging period, closely shadowing Bitcoin's decline from the $30,000 mark. The three aforementioned firms have each seen their value shrink by 50% or more since the middle of July.

As of the latest update, Bitcoin was maintaining stability at $27,300, reflecting a 3.1% increase over the past 24 hours. In the coming week, the U.S. Federal Reserve is scheduled for a rate-setting meeting. It is widely expected that the central bank will keep its benchmark fed funds rate in the range of 5.25%-5.50%.

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