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Cryptocurrency News Articles
Bitcoin Mining Stocks MARA, RIOT, CLSK Slide as Bitcoin Retreats from Recent Highs
Oct 24, 2024 at 03:46 am
Bitcoin mining stocks including Marathon Digital Holdings Inc. MARA, Riot Platforms Inc. RIOT and CleanSpark Inc. CLSK are trading down Wednesday.
Shares of Bitcoin (CRYPTO: BTC) mining companies Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK) are trading down Wednesday as Bitcoin pulls back from recent highs.
The decline comes as broader markets sell off and Bitcoin exchange-traded funds (ETFs) see outflows.
Bitcoin ETFs recorded a net outflow of $79.09 million on Tuesday, ending a seven-day streak of inflows, according to VettaFi. While BlackRock's (NYSE:BLK) iShares Bitcoin ETF (NYSE:BITI) saw a small inflow of $42.9 million, ARK Invest's (NYSE:ARKK) ETF had a large outflow of $134.7 million, contributing significantly to overall market outflows.
Bitcoin was down 1.52% over a 24-hour period, hovering around $66,400 at the time of publication. Some traders are becoming more cautious, taking profits as Bitcoin struggles to hold recent gains.
“Bitcoin futures have seen a slight correction in open interest, signaling that some traders are unwinding positions,” said Illia Otychenko, lead analyst at CEX.IO.
Broader market selloff: The broader selloff in risk assets can be seen in market indices on Wednesday with the S&P 500 down 1.02% and the tech-heavy Nasdaq leading declines, down more than 1.8% at last check.
The upcoming U.S. elections may be adding to uncertainty. Markets tend to experience periods of elevated volatility around U.S. presidential elections.
Other crypto-linked stocks like MicroStrategy (NASDAQ:MSTR) and Coinbase (NASDAQ:COIN) were also seeing heavy selling pressure at the time of writing.
Marathon Digital, Riot Platforms and CleanSpark are all expected to report earnings in the coming weeks. Riot will be the first of the group to report with earnings expected after the market close on Oct. 30.
MARA Price Action: At publication time, shares of Marathon Digital were down 5.22% at $17.99, according to Benzinga Pro.
RIOT Price Action: Riot Platforms shares were down 2.82% at $9.635 at last check, according to Benzinga Pro.
CLSK Price Action: Shares of CleanSpark were down 5.4% at $11.57 at the time of publication, according to Benzinga Pro.
Photo courtesy: Unsplash.
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