Bitcoin regained the psychologically important $40,000 level during the weekend after spending last week struggling to surpass $39,500. As of press time, it stands at just above $42,000, showing solid resilience at this level. This recovery positively affected the broader crypto market and the performance of public Bitcoin mining companies.
Despite being listed and traded on stock exchanges like Nasdaq, public Bitcoin mining companies are susceptible to changes in Bitcoin’s spot price and other developments in the crypto market. As most TradFi investors involved with the stocks see them as a proxy for trading and owning Bitcoin, increases in Bitcoin’s price automatically translate into increases in the stock value of these companies. Conversely, a decrease in the price of BTC leads to a reduction in revenues, adversely affecting their stock performance.
After experiencing a sharp slump in the first two weeks of January, public miners seem to have recovered most of their losses. Bet
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