Crypto mining stocks are on the move Wednesday, and it looks like investors have Bitcoin (BTC-USD) to thank for the recent rally.
The price of Bitcoin is on the rise today, and that has crypto mining stocks gaining as well. As of this writing, BTC was up 9.1% over the prior 24-hour period. That comes with renewed interest in the token as trading volume increased 63.7% over the previous 24 hours.
The rise of BTC appears connected to First Republic Bank (NYSE:FRC) stock crashing. The stock plummeted on Tuesday as some experts believe it will go into government receivership. This appears to be behind the Bitcoin gains as traders seek alternative investments.
Seeing as Bitcoin is the leader of cryptos, its movement can have a wide-reaching effect. That includes rallying shares of crypto mining stock, many of which specifically mine BTC tokens. Let’s check out what’s happening with them below!
Crypto Mining Stocks Up on Wednesday
- Marathon Digital (NASDAQ:MARA) stock starts us off today with the crypto mining company’s shares climbing 12.9% as of Wednesday morning.
- Riot Platforms (NASDAQ:RIOT) shares are next on our list with this crypto mining company’s stock gaining 10.8% this morning.
- Hut 8 Mining (NASDAQ:HUT) stock is the final crypto mining stock we’re mentioning with a 9.4% increase as of this writing.
Investors seeking out more of the most recent stock market news will want to stick around!
We have all of the hottest stock market coverage traders need to know about on Wednesday! That includes why shares of Nio (NYSE:NIO), Activision Blizzard (NASDAQ:ATVI), and Fisker (NYSE:FSR) stock are moving today. You can catch up on all of this news at the following links!
More Wednesday Stock Market News
- NIO Stock Alert: Nio Treks Higher on ’10 Billion’ Milestone
- ATVI Stock Alert: U.K. Regulator Blocks Microsoft-Activision Deal
- Dear FSR Stock Fans, Mark Your Calendars for May 5
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.