{"id":19959,"date":"2023-04-17T22:56:07","date_gmt":"2023-04-17T22:56:07","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/why-did-bitcoin-mining-stocks-end-down-on-monday\/"},"modified":"2023-04-17T22:56:07","modified_gmt":"2023-04-17T22:56:07","slug":"why-did-bitcoin-mining-stocks-end-down-on-monday","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/why-did-bitcoin-mining-stocks-end-down-on-monday\/","title":{"rendered":"Why did bitcoin mining stocks end down on Monday?"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/dmitry-demidko-xZJpKskRdOg-unsplash-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/dmitry-demidko-xZJpKskRdOg-unsplash-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/dmitry-demidko-xZJpKskRdOg-unsplash-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/dmitry-demidko-xZJpKskRdOg-unsplash-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Bitcoin mining stocks declined in line with the bitcoin price today.<\/li>\n<li>U.S. dollar strength pushed BTC under $30,000 again on Monday.<\/li>\n<li>DXY climbed today on the back of Empire State Manufacturing data.<\/li>\n<\/ul>\n<p>Shares of the bitcoin mining companies ended down on Monday as \u201cBTC\u201d \u2013 the asset they mine and hold returned to the sub $30,000 level again.<\/p>\n<h2>Why did the bitcoin price slip today?<\/h2>\n<p>One of the primary reasons behind weakness in the <a href=\"https:\/\/coinjournal.net\/news\/tag\/bitcoin\/\" target=\"_blank\" rel=\"noopener\">bitcoin<\/a> price today was the U.S. Dollar Index that moved to the upside. BTC tends to be inversely related to the USD since it was created as a substitute for fiat currencies.<\/p>\n<p>That leaves us to wonder why did the U.S. dollar gain strength on Monday in the first place? The answer lies in <a href=\"https:\/\/www.cnbc.com\/2023\/04\/17\/dollar-rebounds-on-higher-expectations-for-fed-hike-in-may.html\" target=\"_blank\" rel=\"noopener\">Empire State Manufacturing<\/a> data that confirmed factory activity in New York clawed back in April for the first time since late last year.<\/p>\n<p>A few of the notable bitcoin mining stocks that closed in the red today include Riot Platforms, Bitfarms, and Hut 8 Mining Corp.<\/p>\n<h2>Is bitcoin still in a bear market?<\/h2>\n<p>Now, let\u2019s look at it in another way. Simply put, the monthly business activity survey suggests the U.S. economy is keeping resilient in the face of the Fed\u2019s aggressive rate hikes.<\/p>\n<p>That creates at least some room for the central bank to lift rates further to tame <a href=\"https:\/\/www.wsj.com\/articles\/us-inflation-march-2023-consumer-price-index-fa6eba99\" target=\"_blank\" rel=\"noopener\">inflation<\/a> which was still at 5.0% in March. It\u2019s significant because the world\u2019s largest cryptocurrency performed poorly last year amidst rising interest rates.<\/p>\n<p>Nonetheless, there\u2019s reason to not read too much into the drop in BTC today, including the recent <a href=\"https:\/\/edition.cnn.com\/2023\/03\/17\/business\/global-banking-crisis-explained\/index.html\" target=\"_blank\" rel=\"noopener\">bank failures<\/a> that could make the Federal Reserve revisit its hawkish stance. According to FxPro analyst Alex Kuptsikevich:<\/p>\n<blockquote>\n<p>Technically, bitcoin has already proven the end of the bear market by securing above key moving averages and steadily retreating from the bottom.<\/p>\n<\/blockquote>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/why-did-bitcoin-mining-stocks-end-down-on-monday\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin mining stocks declined in line with the bitcoin price today. U.S. dollar strength pushed BTC under $30,000 again on Monday. DXY climbed today on the back of Empire State Manufacturing data. Shares of the bitcoin mining companies ended down on Monday as [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":19960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/19959"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=19959"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/19959\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/19960"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=19959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=19959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=19959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}