Bitcoin

Hive

Northern

Notable

Gains

The weekly opening on October 23 was dominated by the rise of <a href="https://en.coin-turk.com/famous-analyst-predicts-bitcoin-rally-for-the-last-quarter-of-2023/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>. Thanks to this significant increase, which provided a lifeline to the market, altcoins gained momentum and investors made substantial profits. This rise also helped stocks of Bitcoin-focused companies such as <a href="https://coin-turk.com/huobi-turkiyeden-ust-duzey-transfer-hamlesi" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/binances-listing-strategy-predicting-next-altcoins-and-investing-smartly/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Coinbase</a> and MicroStrategy reach new highs.
<h2 class="p1" style="text-align: justify" id="notable-gains-from-mining-companies">Notable Gains from Mining Companies</h2>
Bitcoin mining stocks achieved significant gains amidst the rise in Bitcoin price. Riot <a href="https://coin-turk.com/moskova-borsasi-blockchainle-kuresel-yatirimcilari-cekecek" data-wpel-link="internal" rel="noopener noreferrer nofollow">Blockchain</a>, listed in the US, experienced an 11.69% increase, while Marathon Digital Holdings saw a 14.6% rise. The upcoming halving event, scheduled for April 2024, where the mining reward will be reduced from 6.25 <a href="https://en.coin-turk.com/volcano-energy-launches-bitcoin-mining-pool-for-renewable-energy-project-in-el-salvador/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> to 3.125 BTC per block, likely contributed to the price increase.
Bitcoin mining stocks not only outperformed Bitcoin in terms of daily price increase but also in terms of gains since the beginning of the year. Cipher Mining Inc. saw a 356% rise compared to Bitcoin’s 86% gain since the beginning of the year.
Similarly, Riot Platforms experienced a growth of 163.10% since the beginning of the year, while Northern Data AG, a GPU miner based in Frankfurt, saw a 291% increase. Mining companies such as Hut 8 Mining Corp, Iris Energy, Bitfarms, Marathon Digital, and Hive Technologies also experienced growth of over 100% since the beginning of the year.
<img decoding="async" class="aligncenter wp-image-269821 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/marathon-grafik.webp" alt="" width="1341" height="801">
<h2 class="p1" style="text-align: justify" id="rise-continues-in-bitcoin-focused-companies">Rise Continues in Bitcoin-focused Companies</h2>
Along with publicly traded Bitcoin mining companies, other publicly traded Bitcoin-focused firms such as Coinbase and MicroStrategy also reached their highest levels in several weeks. Coinbase stocks were up 9% at the time of writing, while MicroStrategy, the largest publicly traded Bitcoin holder, recorded an 11% increase on daily charts.
MicroStrategy’s Bitcoin investments have turned profitable for the third time this year. The profit from BTC assets dropped by up to 50% during the bear market. Currently, MicroStrategy holds 158,245 Bitcoin with a total investment of $4.68 billion, averaging $29,582. The company’s investment is now worth $5.5 billion, indicating approximately $1 billion in unrealized gains.
<img decoding="async" class="aligncenter wp-image-269822 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/microstrategy-hisse-fiyati.webp" alt="" width="1341" height="801"> Continue Reading: <a href="https://en.coin-turk.com/bitcoin-boosts-the-market-bitcoin-focused-company-stocks-soar-by-300/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoin-boosts-the-market-bitcoin-focused-company-stocks-soar-by-300/</a>

Bitcoin Boosts the Market: Bitcoin-focused Company Stocks Soar by 300%

Table of Contents

COINTURK NEWS

Other articles published on Oct 24, 2023

Ark Invest Unloads Coinbase and Grayscale Bitcoin Trust (GBTC) Holdings Amid Bitcoin Surge

iShares Bitcoin ETF absent from DTCC website after initial listing

Bitcoin Price Surges 12%: What Lies Ahead for BTC?

Daily Analysis: BTC, ETH, FIL, INJ, MINA

Artists Strike Back: The Nightshade Tool Poisons AI Training Data

Vodafone, Sumitomo team up with Chainlink to explore trade documents network

Join our free newsletter for daily crypto updates!