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: Cathie Woodwhy it's movingCryptocurrencyMarketsMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.