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On Monday, crypto-related stocks in the United States saw significant increases, reflecting a broader market rally just days after the Bitcoin halving.
Despite the event, which reduced mining rewards to 3.125 BTC per block, some of these stocks recorded double-digit percentage gains.
Double-digit Percentage Gains
According to data from Google Finance, the country’s five largest publicly traded Bitcoin miners, including Marathon Digital (MARA), CleanSpark (CLSK), Riot Platforms (RIOT), Cipher Mining (CIFR), and Hut 8 (HUT), all witnessed substantial gains over the April 22 trading day.
These gains have also carried over into after-hours trading sessions, indicating sustained momentum.
Stronghold Digital Mining (SDIG) was in the lead, which experienced a 35.3% increase, reaching $3.64 per share. The momentum continued after hours, with the stock extending its gains by 4% to nearly $3.80.
Riot followed closely, witnessing a jump of over 23% to $11.24, with an additional 3.2% gain after the closing bell, reaching $11.60.
Overall, U.S. crypto miners demonstrated resilience and strength in the market, extending their rallies from April 19.
The Valkyrie Bitcoin Miners ETF (WGMI), which includes mining stocks and select chipmakers like Nvidia (NVDA), also posted a significant 11% surge, with a further 2.4% jump after hours, reaching $16.59 per share.
The increase in crypto-related stocks coincided with a broader increase in the U.S. market, with the Nasdaq Composite and the S&P 500 recording gains of 1.1% and 0.8%, respectively.
Bitcoin’s Price Movements
Meanwhile, bitcoin exhibited modest price movements. Data from TradingView revealed that its price ranged between $64,525 and $66,905 on Monday, reflecting minimal volatility.
Commenting on bitcoin’s price movements, Kok Kee Chong, CEO of AsiaNext, stated, “As expected, the halving was fully priced in, so price movement was limited.”
Crypto-related companies beyond mining also saw gains. Coinbase experienced a 7% increase to $225.86 per share, with a modest 0.9% uptick after hours.
Similarly, MicroStrategy recorded a daily gain of 12.7%, extending by 2.5% after hours, reaching $1,357 per share.
David Donabedian, the investment chief at CIBC Private Wealth, told Barron’s on April 22 that market sentiment was subdued due to concerns about elevated inflation rates, rising bond yields, and speculation surrounding potential rate cuts by the Federal Reserve.
Additionally, he noted that nearly half of the nation’s largest companies are scheduled to report their first-quarter earnings this week, which could contribute to increased market volatility.
This article first appeared at CryptoPotato
