Bitcoin ETF

Bitcoin

April

United States crypto-related stocks posted gains on Monday alongside a broader market upturn just days after the Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) 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% <a href="https://www.google.com/finance/quote/SDIG:NASDAQ" target="_blank" rel="noopener noreferrer nofollow">bump</a> to $3.64, extending 4% after-hours to nearly $3.80.
Riot followed with an over 23% <a href="https://www.google.com/finance/quote/RIOT:NASDAQ" target="_blank" rel="noopener noreferrer nofollow">jump</a> to $11.24 and a 3.2% after-the-bell rally to $11.60.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/8180a165-0472-42aa-ba49-0952828d7043.png">
 <figcaption style="text-align: center;">The top 10 U.S. crypto mining stocks in order of their April 22 gains. Source: CompaniesMarketCap
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Overall, U.S. crypto miners saw price gains on the day <a href="https://cointelegraph.com/news/bitcoin-mining-stocks-btc-halving" rel="noopener noreferrer nofollow">extending their rallies</a> from Friday, April 19.
The Valkyrie Bitcoin Miners ETF (WGMI) — which holds mining stocks and <a href="https://cointelegraph.com/news/samsung-6-4-billion-grant-expand-texas-chip-manufacturing" rel="noopener noreferrer nofollow">some chipmakers</a> including Nvidia (NVDA) — <a href="https://www.google.com/finance/quote/WGMI:NASDAQ" target="_blank" rel="noopener noreferrer nofollow">posted</a> 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 <a href="https://cointelegraph.com/news/bitcoin-halving-2024-completion-confirmed" rel="noopener noreferrer nofollow">halving on Saturday</a>, 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&amp;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.&nbsp;
Related: <a href="https://cointelegraph.com/news/bitcoin-etf-demand-negative-btc-halving" rel="noopener noreferrer nofollow">Bitcoin ETF demand turns negative around BTC halving</a>
CIBC Private Wealth investment chief David Donabedian however&nbsp;<a href="https://www.barrons.com/livecoverage/stock-market-today-042224/card/stocks-rally-as-bond-yields-ease-the-dow-adds-more-than-320-points--Mne1FTXMOqe7GjtyHGqL" target="_blank" rel="noopener noreferrer nofollow">told</a> 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 <a href="https://pro.cointelegraph.com/coins/bitcoin" rel="noopener noreferrer nofollow">Markets Pro</a>. Ahead of the event, market commentators predicted <a href="https://cointelegraph.com/news/bitcoin-halving-crypto-firesale-arthur-hayes-heatwave" rel="noopener noreferrer nofollow">mixed results</a> for the cryptocurrency’s price after the halving had taken place.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/8f89f5ce-e50d-48cf-a1e5-81e45f58d4c2.png">
 <figcaption style="text-align: center;">Bitcoin’s price in the last week with the white vertical line denoting the time of its halving. Source: Cointelegraph Markets Pro
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Meanwhile, crypto exchange Coinbase had a 7% <a href="https://www.google.com/finance/quote/COIN:NASDAQ" target="_blank" rel="noopener noreferrer nofollow">gain</a> to $225.86 with a slight 0.8% bump after-hours as <a href="https://www.google.com/finance/quote/MSTR:NASDAQ" target="_blank" rel="noopener noreferrer nofollow">did</a> the <a href="https://cointelegraph.com/news/microstrategy-michael-saylor-trading-at-premium-bitcoin-kerrisdale-capital" rel="noopener noreferrer nofollow">Bitcoin-buying</a> software firm MicroStrategy (MSTR) — seeing a 12.7% daily gain extending 2.5% after-hours to $1,357.
Web3 Gamer: <a href="https://cointelegraph.com/magazine/web3-gamer-bitcoin-halving-shrapnel-delabs-games-rumbles-racing-star/" rel="noopener noreferrer nofollow">Bitcoin Halving will pump games, Shrapnel’s ‘simple’ secret revealed</a>

US crypto stocks rally on first trading day after Bitcoin halving

Cointelegraph

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