Bitfarms Ltd BITF and Marathon Digital Holdings Inc MARA shares are trading higher Thursday afternoon. Shares of crypto-related stocks are trading higher on continued upward momentum in cryptocurrencies. Bitcoin crossed above $30,000 for the first time in 2023 during Monday's trading session.
Our Benzinga team on Thursday reported Bitcoin's value has been on the rise over the past few days, apparently fueled by expectations of the upcoming halving and the possibility of a U.S. Federal Reserve interest rate cut, which could counterbalance slower growth and tightening credit conditions due to issues in the banking sector.
Crypto may be trading higher in sympathy with the broader U.S. market following a decline in the producer price index for March, which has eased some inflation concerns.
Price Action
Marathon Digital focuses on mining digital assets. It owns crypto-currency mining machines and a data center to mine digital assets. The company operates in the digital currency blockchain segment and its cryptocurrency machines are located in Canada.
Marathon Digital shares are trading higher by 15.13% at $11.46.
Bitfarms is a bitcoin self-mining company. It runs vertically integrated mining operations with in-house management.
Bitfarms shares are trading higher by 18.80% at $1.31.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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