Bitcoin mining stocks surge alongside the broader market as investors anticipate a less aggressive Federal Reserve.
In anticipation of a highly anticipated U.S. CPI report later this week, the BTC price reached its highest level in three weeks. Shares of publicly traded Bitcoin BTC tickers down $17,219 miners surged on January 9 as traders flocked to equity markets in anticipation that the Federal Reserve of the United States will soon be able to ease its aggressive fight against inflation. During intraday trading, Bitcoin mining stocks Riot Blockchain (RIOT), Hut8 (HUT), Bitfarms (BITF), Marathon Digital Holdings (MARA), and others posted double-digit percentage gains. The rally coincided with a broad uptick in equity markets, with the large-cap S&P 500 Index increasing by 1% and the technology-focused Nasdaq increasing by 2% before paring gains. The U.S. Consumer Price Index report due out later this week is anticipated to show a continuation of the moderation in price pressures. The Labor Department reported on January 7 that job creation and wage growth slowed in December, indicating that th...