Why Bitcoin-Related Stocks Are Trading Higher Today

Marathon Digital Holdings Inc MARA and Riot Blockchain Inc RIOT were trading higher Wednesday as the price of Bitcoin BTC/USD recovers from recent lows.

What Happened: Bitcoin turned negative for the year on Tuesday as a crackdown on mining in China continued to intensify. More than 90% of China's Bitcoin mining capacity was reportedly shut down after authorities ordered a halt to Bitcoin mining in Sichuan.

Related Link: Chinese Bitcoin Miners Have Already Shipped Equipment To Kazakhstan, Report Shows

Bitcoin mining stocks are recovering today following the sharp bounce in the price of Bitcoin. 

Ark Buys The Bitcoin Dip: Cathie Wood, the founder, CIO and CEO of Ark Invest added 214,718 shares of Coinbase Global Inc COIN to the ARK Innovation ETF ARKK on Tuesday.

Wood also purchased 1,046,002 shares of Grayscale Bitcoin Trust GBTC for the ARK Next Generation Internet ETF ARKW.

Related Link: Cathie Wood Loads Up Heavily On Bitcoin Plays Coinbase, Grayscale Bitcoin Trust On Dip

$BTC, MARA, RIOT Price Action: Bitcoin was up 15.9% at $34,211 at last check Wednesday. It is up 19.87% year-to-date. 

At last check Wednesday, Marathon Digital was up 1.17% at $27.66 and Riot Blockchain was up 1.91% at $32.84. 

Image by Pete Linforth from Pixabay.

Posted In: CryptocurrencyMarketsMoversTrading IdeasCathie Woodwhy it's moving

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