Bitcoin Mining Stocks Are Rallying Monday: What's Going On?

Several bitcoin mining stocks are trading higher Monday amid strength in the broader crypto market, particularly in bitcoin.

Here’s a look at some of the stocks making the biggest moves:

• Marathon Digital Holdings Inc MARA

• Riot Platforms Inc RIOT

• CleanSpark Inc CLSK

• Cipher Mining Inc CIFR

• Hut 8 Corp HUT

Check This Out: Bitcoin Breaks Above $70K Again: Expert Points To Pattern Signaling Major Breakout

What’s Going On: Bitcoin has surged in recent months due to rising demand following the approval of spot bitcoin ETFs in January, but the ETFs experienced heavy outflows last week. Several crypto-related stocks, including miners, sold off before bouncing back at the end of the week on the back of dovish comments from the Federal Reserve. 

Bitcoin continued to trend higher over the weekend and momentum across the crypto space has accelerated Monday. Bitcoin was up approximately 8.67% over a 24-hour period at $70,479 at the time of writing.

Many investors are already looking ahead to April's halving event as the next potential catalyst for the market. Bitcoin miners receive a reward for successfully mining bitcoin transactions. The amount of rewards miners receive is set to be cut in half next month. Crypto markets have historically rallied in the months following a halving event.

Price Action: At the time of publication, Marathon Digital was up about 4%, Riot Platforms was up 9.75%, CleanSpark was up 21%, Cipher Mining was up 13.9% and Hut 8 was up 8.5%, according to Benzinga Pro.

Photo: Parilov from Shutterstock.