Bitcoin mining stocks sink as the cryptocurrency tests key $50,000 support level – Business Insider

Bitcoin mining stocks sink as the cryptocurrency tests key $50,000 support level – Business Insider


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Bitcoin mining.

  • Bitcoin tested the key $50,000 support level on Wednesday but quickly recovered.
  • The cryptocurrency was down roughly 16% from its March 13 record highs before a rebound.
  • Bitcoin mining stocks, which are highly correlated to the price of BTC, all fell on Wednesday before mounting a recovery.
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Cryptocurrency mining stocks had a tough day on Wednesday as bitcoin tested its key $50,000 support level.

Shares of Riot Blockchain, Marathon Digital Holdings (formerly Marathon Patent Group), Hive Blockchain, Hut 8, and BitDigital all fell on the day before mounting a recovery.

Bitcoin fell to a low of $50,305 on the day before pushing back above the $52,000 level.

Despite recent bullish news, bitcoin has struggled to find price support over the past week.

On Wednesday, Elon Musk said Tesla would accept bitcoin as a form of payment in a Tweet. The news caused bitcoin’s price to jump 5%, but it quickly fell back down.

That’s a big change from when Tesla announced its $1.5 billion bitcoin buy back in February and bitcoin’s price shot up to record highs in a sustained move.

In other bullish news for bitcoin, Jordan Belfort, known as the inspiration behind
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