Shares of Bitcoin (CRYPTO: BTC) miners including Cipher Mining Inc (NASDAQ:CIFR), CleanSpark Inc (NASDAQ:CLSK) and Hut 8 Corp (NASDAQ:HUT) are trading higher Wednesday as the price of Bitcoin continues to climb.
What Happened: Bitcoin crossed the $40,000 level at the beginning of December and has been stuck in a trading range throughout most of the month. Bitcoin began moving lower over the long weekend and continued to trend down on Tuesday before finding its footing and reversing course.
The rally in the crypto space has largely been driven by continued optimism surrounding a potential spot ETF. Grayscale refiled an amended Bitcoin ETF application this week and analysts continue to expect the SEC to approve a spot ETF in the coming weeks. Many anticipate approval coming in the first two weeks of 2024.
See Also: Cathie Wood Outlines Role Of Bitcoin Post ETF Approval, Praises 21Shares: ‘The Plumbing Works’
Expectations for rate cuts from the Federal Reserve in 2024 also appears to be helping fuel some of the recent rally in the crypto space.
Cipher Mining, CleanSpark and Hut 8 are all Bitcoin miners. Cipher Mining shares were up 7.03%, CleanSpark shares were up 10.1% and Hut 8 shares were up 5.04% at last check. The price action in mining stocks is largely tied to the price of Bitcoin.
$BTC Price Action: At the time of writing, Bitcoin was up 1.08% over a 24-hour period at $43,069, according to Benzinga Pro.
Photo: 15958319 from Pixabay.
