It has been revealed that according to the latest reports, Wall Street is not treating all Bitcoin miners the same way. Check out the latest reports about this here:
Wall Street does not treat all Bitcoin miners the same
Bitcoin’s value has surged by 6.6% this week, while the stock market remained open. However, not all crypto-related stocks were impacted equally during this recent rally.
The following are the top crypto-related stocks and their returns for last week. Bitfarms and Core Scientific, which are smaller Bitcoin mining companies, outperformed Bitcoin’s gains with an increase of 46.2% and 43.5% respectively.
Argo Blockchain and Terawulf also experienced gains of 31% and 20% respectively, according to TradingView’s data.
Not all smaller mining companies had the same experience last week. Cipher Mining lost 4.3% while Hut 8’s stock fell by 3.9%.
Meanwhile, Marathon managed to outperform Bitcoin with gains of 10.1%, but Riot only had gains of 2.5%, which underperformed Bitcoin.
Recently, J.P. Morgan downgraded Riot’s rating from neutral to underweight and gave a price target of $12. Although some large crypto stocks saw gains last week, they failed to outperform Bitcoin’s price gains.
For instance, Coinbase’s stock only increased by 1.5% compared to Bitcoin’s rise of 6.6%.
Microstrategy, which is led by Michael Saylor, also had a lower performance than Bitcoin. Despite this, it still managed to gain 5.1% over the past week according to TradingView.
Canaan, a company that develops Bitcoin mining hardware, had a tough week on Wall Street. Its stock slid 19%, which is far worse than Bitcoin’s gains.
Canaan was joined by Galaxy (-1.62%) and Bakkt (-3.80%) as some of the only stocks to lose value this past week.
Next week is crucial for the stock market as it will set the tone for 2022. Tuesday will bring November’s consumer price index, while Wednesday will see the Fed’s interest-rate decision.
Stay tuned for more news from the crypto space and make sure to keep your eyes on the market as well.
