CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. Each investment is unique and involves unique risks. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. We may receive financial compensation from these third parties. Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. The lawsuit was filed by Grayscale, and argued that the SEC erred in dismissing its application to convert GBTC into a spot ETF. For one, the agency suffered a major loss in a US court recently. A decision to approve a spot ETF will likely lead to more inflows in Bitcoin and boost their stocks.Īnalysts believe that the SEC has no choice but to approve these funds. The other important event that will move these stocks is the action by the Securities and Exchange Commission (SEC). Therefore, Bitcoin mining stocks like RIOT and MARA will react to the Fed decision. For example, they all plunged in 2022 as the bank started its rate hikes. They tend to rise when the Fed is slashing rates and vice versa. Analysts believe that the bank will deliver a hawkish pause and warn that it could resume hiking rates later this year.Īs I wrote here, Bitcoin and other altcoins react to the actions by the Fed. First, the Federal Reserve will deliver its interest rate decision on Wednesday. There will be two likely catalysts for Bitcoin in the coming weeks. Last week, it moved briefly below $25,000 and then bounced back after Franklin, a $1.5 trillion fund manager, applied for a spot Bitcoin ETF. After soaring to the year-to-date high of $32,000 a few months ago, Bitcoin has stabilized at $26,000. These stocks retreated because of Bitcoin price action. All these shares have dropped by more than 40% from their highest levels this year. Riot Platforms stock price was trading at $10.73 on Monday, a few points above this month’s low of $10.11.Ī closer look at other Bitcoin mining stocks like Marathon Digital (MARA), Cipher Mining, and Argo Blockchain had a similar price action. Bitcoin mining stocks moved sideways last week as investors reacted to the decision by Franklin Templeton to apply for a Bitcoin ETF.
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