A report on the performance of Bitcoin mining stocks on Thursday, March 30, reveal that the results were mixed with nine gaining and the other ten declining. By market close, the cryptocurrency had decreased by 1.5%, falling from the previous day's closing rate of $27,962.
Among the Bitcoin mining firms that gained in the day's trading, Marathon Patent Group reported the most significant jump. The stock rose 28.9%. Marathon is engaged in the acquisition of patent assets and had acquired an additional 2,603 S17 Pro Antminers from Bitmain. Following suit, Riot Blockchain stocks noted a 5.13% increase. On the other hand, the stocks of Canaan Creative declined the most with a: 9.33% decrease.
On the whole, the Bitcoin mining stocks managed to trail the global Bitcoin market, with most of them meeting a less-than favorable response while others witnessed devastating declines. Thursday reported the lowest trading session since March 15, which marked an all-time closing highof $63,677. Despite the bleak performance, the cryptocurrency is still significantly highery-to-date, where it is up over 122% since the start of the year.
Further analysis reveals that the majority of Bitcoin stocks have been relatively volatile this past week and have traded significantly under the mark of $34,000, which was the Bitcoin price just before Tesla disclosed the purchase of $1.5 billion worth of the cryptocurrency.
As of market close, the Crypto Fear &Worry Index (listed on Exchange Traded Funds) stood at 13.9, which is indicative of a neutral market sentiment. This index basically tracks the volatility in the prices of the top 19 cryptocurrencies.
The results of Wednesday's trading of Bitcoin Mining stocks were mixed as nine stocks rose, with Marathon Patent Group reporting the highest increase at 28.9%, and the other ten declined with Canaan Creative's stocks witnessing the biggest decrease at 9.33%. These stocks mirrored Thursday's global Bitcoin market, which reported its lowest trading session since March 15. The Crypto Fear & Worry Index (ETF) stood at 13.9, suggestive of a neutral market sentiment. Despite the negative performance, the cryptocurrency is still significantly higher than it was at the beginning of the year, with an increase of 122%.
David Castillo
- 2023-03-30
Unfavorable Performance of Bitcoin Mining Stocks on Thursday
A report on Bitcoin Mining stocks reveals mixed performance on Thursday, March 30th. Nine stocks gained, the highest of which was Marathon Patent Group’s 28.9%. Other ten stocks declined, the most significant of which was Canaan Creative’s 9.33%. Despite this, Bitcoin is still significantly higher than it was at the beginning of 2021.
