Crypto Stocks Surge as Bitcoin Miner Profitability Rises 18% in May
On Tuesday, crypto stocks experienced significant gains as geopolitical tensions eased following a ceasefire between Iran and Israel.
- Bitcoin mining firms Marathon Digital and Riot Platform saw substantial increases, with miner profitability rising 20% last month.
- Coinbase's stock jumped 12%, approaching $350.
- The S&P 500 index gained 1.11% during the same trading day.
- Robinhood Markets gained 7.41% due to the launch of a new crypto deposit match promotion.
Market Performance Highlights
- Circle's stock fell 15.49% after its recent surge, amid profit-taking by Ark Invest.
- Bitcoin mining profitability increased 18.2% in May, driven by a 20% rise in Bitcoin’s price to $106,676.28.
- N. American miners produced 3,754 Bitcoin in May, up from 3,278 in April, with Marathon leading with 950 Bitcoin mined.
- Mining firms faced increased selling pressure as Bitcoin struggles to surpass $106,000.