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Roughed-Up Bitcoin Miner Stocks Attempt Rally as BTC Retakes $27K
Many in the sector are down 50% or more over the past two months.
Updated Sep 18, 2023, 4:00 p.m. Published Sep 18, 2023, 3:38 p.m.
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Bitcoin was higher by 3% on Monday, reaching above $27,000 for the first time in over two weeks, giving a minor boost to the mining stocks.
Hut 8 Mining (HUT) was one of the largest gainers, advancing 6.5% as it also announced final Canadian regulatory approval for its merger with USBTC.
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Peers Riot Platforms (RIOT) and Marathon Digital (MARA) were ahead 6% and 2%, respectively.
Bitcoin mining stocks have suffered over the past two months alongside bitcoin’s tumble from about the $30,000 level, with all three of the above names down 50% or more since the middle of July.
At press time, bitcoin was holding at $27,300, up 3.1% over the past 24 hours. Coming later this week is a rate-setting meeting for the U.S. Federal Reserve. The central bank is almost universally expected to hold its benchmark fed funds rate steady at 5.25%-5.50%.
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Bitcoin could fall to $10,000 as U.S. recession risk builds, Mike McGlone says
McGlone links bitcoin’s downturn to record U.S. market cap-to-GDP levels, low equity volatility and rising gold prices, warning of potential contagion into stocks.
What to know:
- Bloomberg Intelligence strategist Mike McGlone warns that collapsing crypto prices and a potential bitcoin slide toward $10,000 could signal mounting financial stress and foreshadow a U.S. recession.
- McGlone argues the post-2008 "buy the dip" era may be ending as crypto weakens, stock market valuations sit near century highs relative to GDP, and equity volatility remains unusually low.
- Market analyst Jason Fernandes counters that a drop to $10,000 bitcoin would likely require a severe systemic shock and recession, calling such an outcome a low-probability tail risk compared with a milder reset or consolidation.
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