Bitcoin Mining Stocks Rebound Strong Despite 70% Drop in BTC Miner Revenue
Rally in leading Bitcoin mining stocks could trap bulls as BTC price sentiment remains gloomy.
Market analysis
Bitcoin (BTC) mining companies suffered in 2022 due to the crypto bear market. Nonetheless, their shares collectively rebounded sharply on July 6, raising hopes that investors began to buy the dips.
One of the intraday winners was Bitfarms (TSE: BITF), which jumped over 24% to close at $1.29.
Similarly, Marathon Digital Asset Holdings (NASDAQ:MARA), Core Scientific (NASDAQ:CORZ), and Cathedra Bitcoin (CVE:CBIT) rose more or roughly 12.5%, 16.22%, and 15%.
MARA, CORZ, BITF and CBIT daily price chart. Source: TradingViewBitcoin miner revenue down 70% from peak
The rallies come as a respite from what has been a bad year for mining stocks. an almost
Rally in leading Bitcoin mining stocks could trap bulls as BTC price sentiment remains gloomy.
Market analysis
Bitcoin (BTC) mining companies suffered in 2022 due to the crypto bear market. Nonetheless, their shares collectively rebounded sharply on July 6, raising hopes that investors began to buy the dips.
One of the intraday winners was Bitfarms (TSE: BITF), which jumped over 24% to close at $1.29.
Similarly, Marathon Digital Asset Holdings (NASDAQ:MARA), Core Scientific (NASDAQ:CORZ), and Cathedra Bitcoin (CVE:CBIT) rose more or roughly 12.5%, 16.22%, and 15%.
MARA, CORZ, BITF and CBIT daily price chart. Source: TradingViewBitcoin miner revenue down 70% from peak
The rallies come as a respite from what has been a bad year for mining stocks. an almost
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