Jesse Coghlan7 hours agoUS crypto stocks rally on first trading day after Bitcoin halvingU.S. crypto mining stocks have gained in the first trading day after Bitcoin’s weekend halving, even though mining rewards are now 50% lower.2072 Total views1 Total sharesNewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksUnited States crypto-related stocks posted gains on Monday alongside a broader market upturn just days after the Bitcoin (BTC) halving — with some notching double-digit percentage gains.
The country’s five largest public-traded Bitcoin miners by market capitalization, Marathon Digital (MARA), CleanSpark (CLSK), Riot Platforms (RIOT) Cipher Mining (CIFR), and Hut 8 (HUT) all gained over the April 22 trading day and have continued to gain in after-hours trading, per Google Finance.
Stronghold Digital Mining (SDIG) was the day’s biggest crypto-related gainer with a 35.3% bump to $3.64, extending 4% after-hours to nearly $3.80.
Riot followed with an over 23% jump to $11.24 and a 3.2% after-the-bell rally to $11.60.The top 10 U.S. crypto mining stocks in order of their April 22 gains. Source: CompaniesMarketCap
Overall, U.S. crypto miners saw price gains on the day extending their rallies from Friday, April 19.
The Valkyrie Bitcoin Miners ETF (WGMI) — which holds mining stocks and some chipmakers including Nvidia (NVDA) — posted an 11% gain and a 3% rise after hours to $16.69.
The crypto stock price jumps come despite their Bitcoin mining rewards being halved to 3.125 BTC per block after the halving on Saturday, April 20 just after midnight UTC — April 19 at 8:09 pm in New York.
It coincides with a broader U.S. market gain as the Nasdaq Composite and the S&P 500, respectively, saw a 1.1% and 0.8% jump on the day after last week’s stretch of losses — which has been attributed to diminished tensions in the Middle East and incoming earnings reports from major tech firms.
Related:Bitcoin ETF demand turns negative around BTC halving
CIBC Private Wealth investment chief David Donabedian however told Barron’s on April 22 that the market dampened on high inflation rates, hiking bond yields, and speculation on the Federal Reserve’s expected rate cuts.
He added nearly half of the country’s largest companies will share their first-quarter earnings this week which could also add to market volatility.
Bitcoin’s price has risen 4.5% to $66,810 since the halving, according to Cointelegraph Markets Pro. Ahead of the event, market commentators predicted mixed results for the cryptocurrency’s price after the halving had taken place.Bitcoin’s price in the last week with the white vertical line denoting the time of its halving. Source: Cointelegraph Markets Pro
Meanwhile, crypto exchange Coinbase had a 7% gain to $225.86 with a slight 0.8% bump after-hours as did the Bitcoin-buying software firm MicroStrategy (MSTR) — seeing a 12.7% daily gain extending 2.5% after-hours to $1,357.
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