Shares of Bitcoin BTC/USD miners Marathon Digital Holdings Inc MARA, Riot Platforms Inc RIOT and CleanSpark Inc CLSK are trading higher Tuesday as the price of Bitcoin continues to climb.
What To Know: Bitcoin crossed the $40,000 level over the weekend and has continued to trend higher to start the week. It was above $42,000 at the time of publication. Bitcoin is now up more than 1.5% over a 24-hour period and more than 12% over the last week.
The rally in the crypto space has largely been driven by continued optimism surrounding a potential spot ETF. Several major U.S. financial firms recently made changes to their pending applications for spot Bitcoin ETFs and analysts continue to expect the SEC to approve a spot ETF in the coming months.
New reports also suggest that expectations for rate cuts from the Federal Reserve in 2024 could be helping fuel some of the recent rally. Many believe the Fed is done hiking rates and forecasts for potential rate cuts are starting to roll in.
MARA, RIOT, CLSK Price Action: At publication time, Marathon Digital was up 4.84% at $15.58, Riot Platforms was up 3.85% at $15.59 and CleanSpark was up 7.67% at $9.57, according to Benzinga Pro.
Photo: Eivind Pedersen from Pixabay.
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