Posted 1/12/2024, 8:55:00 PM
Bitcoin Slump Weighs Down Crypto Miners as New ETFs Draw Investors
- Bitcoin price dropped 7% today, dragging down crypto-adjacent stocks Marathon Digital, Riot Platforms, and Microstrategy
- Approval of Bitcoin spot ETFs this week provides new investment options, potentially drawing investors away from crypto miners
- Declining Bitcoin mining fees and upcoming halving event create margin pressures for miners like Marathon
- Bitcoin ETFs seen as lower risk way to gain exposure compared to volatile crypto miners
- Selling pressure on crypto stocks may persist as Bitcoin ETFs draw more interest in near term