Cryptocurrency Stocks Trade in All Directions Today, Even as Bitcoin Climbs Above $34,000 – The Motley Fool

Cryptocurrency Stocks Trade in All Directions Today, Even as Bitcoin Climbs Above $34,000 – The Motley Fool


What happened

Bitcoin was rising again on Tuesday. As of 4:15 p.m. EST, bitcoin was up 8% over the previous 24 hours and had briefly surpassed $34,000 per token earlier in the afternoon, according to CoinDesk. Its daily high of $34,221 was within 1% of its all-time high, which was hit over this past weekend.

Most days when bitcoin is up, cryptocurrency stocks track higher, as well. There’s some fundamental basis for this (as we’ll see in a moment). But other factors impact stock prices, as well. Indeed, crypto stocks showed no real correlation to the price of bitcoin today. Some were up, some were down, and some traded sideways.

  • Going up today were shares of bitcoin mining companies like Marathon Patent Group (NASDAQ:MARA) and Riot Blockchain (NASDAQ:RIOT), up 23% and 12%, respectively.
  • Down a little were shares of bitcoin mining company Bit Digital (NASDAQ:BTBT), along with shares of Canaan (NASDAQ:CAN), a company that manufactures equipment for mining bitcoin. These both fell a mere 5%.
  • Finally, Ebang International Holdings (NASDAQ:EBON) is another company manufacturing bitcoin mining hardware, and its stock was down a painful 13%.
A person takes notes on a piece of paper while analyzing multiple bar charts and a pie graph on a computer.

Image source: Getty Images.

So what

Bitcoin miners run the bitcoin blockchain network and are paid in bitcoin. These companies pay for workers, computers, real
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