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Bitcoin mining stocks rise as S&P 500 and Dow Jones hit all-time high

source-logo  crypto.news 23 January 2024 10:21, UTC

Marathon Digital, Riot Blockchain, and other public Bitcoin mining companies witnessed positive returns on Monday as Wall Street reached new milestones.

The top five largest Bitcoin mining firms by market capitalization saw gains ranging from 2.98% to 6.25% on Monday evening, coinciding with record highs set by the S&P 500 and Dow Jones. While no crypto-related companies are directly listed in these indexes, the overall market excitement appears to have influenced investor sentiment.

According to data from CompaniesMarketCap, Bitdeer Technologies Group (BTDR) is the main gainer, showing a 6.25% price increase in the past 24 hours. Following closely are Cipher Mining (CIFR), CleanSpark (CLSK), Riot Blockchain (RIOT), and Marathon Digital (MARA) with gains of 5.22%, 3.35%, 3.01%, and 2.98%, respectively.

Bitcoin mining stocks rise as S&P 500 and Dow Jones hit all-time high - 1
Shares of public Bitcoin mining companies | Source: CompaniesMarketCap
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However, not all mining companies experienced positive returns on Monday. Core Scientific (CORZQ) faced a 9.3% decline amid reports of U.S. authorities investigating its backer, B. Riley, over connections to a client involved in securities fraud. The U.S. Securities and Exchange Commission (SEC) reportedly conducted interviews regarding the Los Angeles-based bank’s transactions, but no public accusations of wrongdoing were made against B. Riley.

The positive momentum wasn’t exclusive to Bitcoin mining companies only, as public crypto exchange Coinbase also saw a 2.7% rise, driving COIN share prices to $128.2. On January 22, the S&P 500 index achieved a 0.2% gain, reaching an all-time high at $4,866, according to Google Finance data. Additionally, the Dow index surpassed 38,089 for the first time, marking a 0.4% increase.

Read more: Bitcoin mining reaches new all-time high of 54% renewable use