In light of favorable macroeconomic news, crypto mining stocks have exhibited steady growth. Despite a minor pullback on Thursday, the week closed positively for investors.
Performance of Mining Stocks
Over the past four trading sessions, shares of companies like Riot Platforms (RIOT), Hive Digital (HIVE), Hut 8 (HUT8), MARA Holdings (MARA), and Bitfarms (BITF) surged between 13% and 28%. This Thursday, US markets closed early in anticipation of the Independence Day holiday.
Positive US Employment Report
During Thursday's trading, investors responded to a better-than-expected US non-farm payrolls report, revealing the addition of 147,000 jobs in June and a decrease in the unemployment rate from 4.3% to 4.1%. These figures exceeded analysts' expectations.
Impact of Macroeconomic Trends on Market
The rally in crypto mining stocks mirrored an overall market upswing that saw the S&P 500 and Nasdaq Composite reach new all-time highs. Economists noted that the current macro backdrop might support rate cuts, which is typically favorable for digital assets.
The performance of crypto mining stocks aligns with the trends in the stock market, where positive economic data pushes share prices higher. Growing interest in digital assets is also linked to expectations for regulatory changes.
