Bitcoin miners, Marathon Digital Holdings, Inc. MARA AND Riot Platforms, Inc. REVOLTStocks are trading higher on Wednesday Bitcoin Bitcoin/USD trades above $51,000.
The details:
Bitcoin miners Marathon Digital and Riot Platforms are surging with the price of Bitcoin approaching the $52,000 mark at the time of publication.
On Wednesday, when Bitcoin surpassed the $51,000 price point, it reclaimed $1 trillion in market capitalization, a level not seen since 2021.
The recent approval of several Bitcoin spot ETFs and resulting institutional buying could contribute to Bitcoin’s recent rally. Investors are also anticipating Bitcoin’s next halving event, which will likely occur in April.
The halving will reduce revenue for Bitcoin miners, and many are focusing on preparation, including improving efficiency and maintaining capital, ahead of the event.
Needham Analyst Giovanni Todaro held Riot Platforms with a buy and lowered its price target from $19 to $18 on Tuesday.
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MARA, RIOT Price Action: According to Benzinga Pro, Marathon Digital shares rose 11% to $28.57, and Riot Platforms shares rose 8.65% to $16.78 at the time of publication.
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