Why Bitcoin Miners CleanSpark And Bitfarms Are Trading Higher Today

Shares of Bitcoin BTC/USD miners CleanSpark Inc CLSK and Bitfarms Ltd BITF are trading higher Monday amid a weekend increase in the price of Bitcoin.

What To Know: Bitcoin crossed the $40,000 level over the weekend and has continued to trend higher to start the week. Bitcoin is now up more than 5% over a 24-hour period, adding to gains of nearly 13% over the last week.

The rally in the crypto space this year has largely been fueled by continued optimism surrounding a potential spot ETF. Several major U.S. financial firms recently made changes to their pending applications for spot Bitcoin ETFs and analysts continue to expect the SEC to approve a spot ETF within the next couple of months.

New reports also suggest that expectations for rate cuts from the Federal Reserve in 2024 could be helping fuel some of the recent rally in the crypto space.

At a fireside chat on Friday, Fed chairman Jerome Powell said it’s too early to talk about cutting interest rates, but acknowledged that he's forecasting a slowdown in spending growth next year, which gave rise to expectations that the Fed is probably done hiking rates for now. 

See Also: Crypto Analyst Predicts Bitcoin To Surge To $200,000 By 2025

CLSK, BITF Price Action: At publication time, Cleanspark shares were up 22.2% at $9.36 and Bitfarms shares were up 16.3% at $1.94, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.