Stocks of bitcoin miners are rising along with the market as traders anticipate a less aggressive Fed
In anticipation of this week's highly anticipated U.S. CPI report, the price of Bitcoin increased to three-week highs. On January 9, traders flocked to equity markets amid growing expectations that the United States Federal Reserve would soon be able to scale back its zealous fight against inflation, sending shares of publicly traded Bitcoin BTC tickers down $17,219 miners skyrocketing. The intraday trading results for the bitcoin mining companies Riot Blockchain (RIOT), Hut8 (HUT), Bitfarms (BITF), Marathon Digital Holdings (MARA), and others showed double-digit percentage gains. The rally was accompanied by a general uptick in equity markets, with the technology-focused Nasdaq rising 2% and the large-cap S&P 500 Index rising 1% before paring gains. Markets increased in value ahead of this week's eagerly anticipated U.S. Consumer Price Index report, which is predicted to show that cost pressures are continuing to moderate. Data from the Labor Department released on January