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Here s Why Coinbase Global, Canaan, and Ebang International Were Up Big Today
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Here s Why Coinbase Global, Canaan, and Ebang International Were Up Big Today
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Bitcoin Miners Consider Paraguay In Wake of China Ban - Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides
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Canaan (NASDAQ:CAN) posted a 39.5% plunge. You might think that the underlying Bitcoin asset would be falling just as hard, but the leading cryptocurrency s prices drifted just 1.5% lower in April.
So what
First and foremost, the mining stocks tend to amplify whatever is going on with Bitcoin s prices. The three tickers mentioned above are still beating both the stock market and Bitcoin over the past six months, led by a whopping 1,220% return on Marathon s shares:
It was largely business as usual, apart from the changing Bitcoin pricing trend. Canaan announced a new line of facial recognition chips and signed a few more hardware installation deals. Marathon picked a new CEO and installed 13,000 more mining machines. Riot ordered 42,000 miners and acquired a Bitcoin-miner hosting facility owner in a $650 million deal.
The surge comes in tandem with the cryptocurrency market overnight, with
Bitcoin (BTC) hitting a new all-time high of $51,335.23.
ZW Data Action Technologies Inc (NASDAQ:CNET) shares are trading 60.23% higher at $5.56 at press time. The Beijing-based company announced a partnership with BitSpace to build a joint blockchain mining platform earlier this month.
Airnet Technology Inc (NASDAQ:ANTE) shares are trading nearly 56% higher at $7.72 In January, the Chinese digital media services provider announced giving Unistar Group Holdings Ltd a 19% stake in exchange for the delivery of 500 computer servers designed especially to mine cryptocurrencies.
Sos Ltd. (NYSE:SOS), another China-based company that has posted stellar gains this year as a cryptocurrency play, continues to extend gains, up 30% in the pre-market session at $15.40.