Stocks RIOT Leads with a 40% Gain in Just Days
Crypto mining stocks Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT), and Hut 8 Mining (NASDAQ: HUT) are witnessing significant gains today, driven by a 6% surge in Bitcoin’s value, pushing the cryptocurrency over the $30,000 mark. Among them, RIOT takes the lead with a remarkable 40% growth in just a few days. MicroStrategy (NASDAQ: MSTR), which holds a substantial amount of Bitcoin, is also experiencing an uptick.
Two potential factors behind Bitcoin’s rise include the upcoming release of U.S. inflation data for March and concerns about the dollar’s status as a reserve currency. Investors may be anticipating higher inflation figures, positioning Bitcoin as a more reliable store of value amid inflation than the U.S. dollar.
Further fueling concerns about the dollar’s stability are the recent failures of two major U.S. banks and the near-collapse of Credit Suisse (NYSE: CS). Crypto advocates argue that these issues make cryptocurrencies a safer haven. Additionally, French President Emmanuel Macron’s call for Europe to reduce its dependency on the U.S. dollar has led to discussions about the dollar losing its status as the world’s reserve currency, potentially driving more people to invest in Bitcoin.