Bitcoin Soars Above $65,000, Crypto Mining Stocks Rally
On July 30, Bitcoin surpassed $65,000 per coin, sending shockwaves through the cryptocurrency market. This surge in value has had a ripple effect on crypto mining-related stocks.
Cipher Digital and IREN led the charge with gains of over 24%, followed closely by Core Scientific's 21% rise. Riot Platforms, CleanSpark, and Applied Digital also made significant gains, increasing by over 19%. Hut 8 climbed more than 17%, while MARA Holdings and TeraWulf both saw their values increase by over 16%.
The upward trend is partly attributed to Morgan Stanley's recent coverage of several Bitcoin miners transitioning into AI infrastructure providers. The firm highlighted that companies with large grid-connected energy assets will be well-positioned to capitalize on the growing demand for AI data centers.