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Crypto mining stocks, which are most levered to bitcoin and ether prices as most have been holding onto the mined coins on their balance sheet, on Monday continued their slump that started in the beginning of the month.
- Bitcoin prices have fallen almost 17% since reaching $58,000 on Dec. 1, after Federal Reserve Chair Jerome Powell signaled growing discomfort with high inflation, stoking expectations of a faster unwinding of crisis-era stimulus.
- On Monday, large-cap miners such as Marathon Digital (MARA) and Riot Blockchain (RIOT) both fell more than 5% early on Monday, although Marathon eventually recovered most of those losses. The shares of other miners such as Argo Blockchain (ARBK), Hut 8 (HUT), Hive Blockchain (HIVE), Cipher Mining (CIFR) were down 9%, 3%, 6% and 12% respectively.
- Meanwhile, bitcoin miner Greenidge Generation (GREE) was the only outperformer among mining stocks on Monday, rising about 9% in a bounceback following its sharp decline last week after U.S. Sen. Elizabeth Warren expressed concern about the miner’s environmental footprint.
- Other crypto-linked stocks such as MicroStrategy, which buys and holds bitcoin in its balance sheet, also fell 6%.
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