On Monday, crypto-related stocks in the United States experienced gains, following a broader market upturn just days after the Bitcoin halving. Several stocks saw double-digit percentage gains, including Marathon Digital (MARA), CleanSpark (CLSK), Riot Platforms (RIOT), Cipher Mining (CIFR), and Hut 8 (HUT). According to Google Finance, these companies continued to gain in after-hours trading on April 22nd.
The biggest gainer of the day was Stronghold Digital Mining (SDIG), which saw a 35.3% increase to $3.64. After-hours, the stock extended its gains by 4% to nearly $3.80. Riot followed closely with a jump of over 23% to $11.24, and then saw a 3.2% rally to $11.60 after the market closed.
Despite the halving of Bitcoin mining rewards to 3.125 BTC per block on April 20th, U.S. crypto miners saw price gains that continued from April 19th. The Valkyrie Bitcoin Miners ETF (WGMI), which holds mining stocks and some chipmakers like Nvidia (NVDA), experienced an 11% gain, with a 3% rise after hours to $16.69.
These price jumps in crypto stocks occurred alongside a broader market gain. The Nasdaq Composite and the S&P 500 saw jumps of 1.1% and 0.8% respectively, following a stretch of losses last week. This increase has been attributed to diminished tensions in the Middle East and incoming earnings reports from major tech firms.
David Donabedian, the investment chief at CIBC Private Wealth, highlighted that market dampening factors include high inflation rates, hiking bond yields, and speculation on the Federal Reserve’s expected rate cuts. Additionally, nearly half of the country’s largest companies will be sharing their first-quarter earnings this week, which could contribute to market volatility.
Since the halving, Bitcoin’s price has risen 4.5% to $66,810, according to Cointelegraph Markets Pro. Market commentators had predicted mixed results for the cryptocurrency’s price following the halving.
Other notable gains in the crypto market include Coinbase, which saw a 7% increase to $225.86, with a slight 0.8% bump after hours. MicroStrategy, a Bitcoin-buying software firm, experienced a 12.7% daily gain, extending 2.5% after hours to $1,357.
In related news, there is speculation that the Bitcoin halving will have a positive impact on the gaming industry, with the expectation that it will pump games. Shrapnel, a web3 gamer, revealed a ‘simple’ secret in this regard.