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Several Bitcoin (CRYPTO: BTC) mining stocks including Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Platforms Inc (NASDAQ: RIOT) and CleanSpark Inc (NASDAQ: CLSK) are trading lower Tuesday amid a pullback in bitcoin. Here's a look at what’s going on.
What To Know: Bitcoin has been largely trending higher since late 2023. The rally accelerated in January on the back of increased demand following the approval of spot Bitcoin ETFs. Bitcoin now appears to be taking a breather.
Some analysts have highlighted a change in investor sentiment as a potential reason for the pullback in crypto prices. Multiple reports also indicate that Monday marked the largest single-day outflow ever recorded in Bitcoin ETFs.
Many market participants are already looking ahead to April’s halving event as the next potential catalyst for the market.
Marathon Digital engages in mining digital assets and focuses on the bitcoin ecosystem. The stock was down 5.72% at $18.30 at publication time.
Riot Blockchain is focused on building, supporting and operating blockchain technologies with a vision to become the leading bitcoin-driven infrastructure platform. Shares were down 4.46% at $10.92 Tuesday morning.
CleanSpark is an energy company that transitioned its expertise to focus on bitcoin mining in 2020. CleanSpark shares were down 4.75% at $16.63 at the time of publication.
Check This Out: Bitcoin Takes A Dive As Flash Crash Hits $8.9K On BitMEX Crypto Exchange
$BTC Price Action: Bitcoin was down 6.98% over a 24-hour period at $63,530 at the time of writing, according to Benzinga Pro.
Photo: Morrowind from Shutterstock.
