U.S. cryptocurrencycurrency stocks saw a 20% increase following the Bitcoin halving event, with the overall market upswing driving the surge.
The Valkyrie Bitcoin Miner ETF (WGMI), which invests in chip manufacturers like NVDA (Nvidia) and mining equities, had an additional 11% increase. Although the mining reward was cut in half to 3.125 BTC every block, mining profits were not as low as first believed.
Marathon Digital (MARA), CleanSpark (CLSK), Riot Platforms (RIOT), Cipher Mining (CIFR), and Hut 8 (HUT) were the top gainers on April 22 with growth rates of more than 20%. With a rise of 35.3%, SDIG (Stronghold) overtook the rankings, closely followed by Riot’s 23% growth.
Investment analysts attribute the 1.1% and 0.8% increases in the Nasdaq Composite and S&P 500, respectively, to the de-escalation of the Middle East situation and the impending earnings reports of tech companies.
However, long-term risks include inflation rates, rising bond yields, and the potential for a Fed rate adjustment.
As a result, after the halving, the price of Bitcoin increased by 4.2% to $66,620. Notably, a strong movement also benefited MicroStrategy and Coinbase, and the bulls in the cryptocurrencycurrency market reinforced the bullish feeling in the market.
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