Cryptocurrency-exposed stocks mounted a recovery in Friday’s premarket session after suffering double-digit losses Thursday, as Bitcoin (CRYPTO: BTC) rebounded 7.86% to trade at $65,760.87.
Mining Stocks Lead Recovery
MARA Holdings Inc (NASDAQ:MARA) surged 7.88% to $7.26 in premarket trading after plummeting 18.72% on Thursday. Strategy Inc (NASDAQ:MSTR), known for its substantial Bitcoin holdings, jumped 8.36% to $115.93 following Thursday’s brutal 17.12% selloff that came despite beating analyst estimates on fourth-quarter revenue and earnings per share.
Hut 8 Corp (NASDAQ:HUT) led the recovery with an 8.68% premarket gain to $48.34 after Thursday’s devastating 17.89% decline.
Exchanges And Platforms Bounce Back
Coinbase Global Inc (NASDAQ:COIN), the largest U.S. cryptocurrency exchange, rose 6.41% to $155.48 in premarket after Thursday’s 13.34% drop. Robinhood Markets Inc (NASDAQ:HOOD) advanced 5.54% to $76.71 following a 9.85% decline in the previous session.
Riot Platforms Inc (NASDAQ:RIOT) climbed 5.64% to $12.74, while TeraWulf Inc (NASDAQ:WULF) gained 4.45% to $12.45 in premarket trading.
Bitcoin’s Critical Level Sparks Miner Concerns
Bitcoin touched $60,074.20 on Friday according to Benzinga Pro data, approaching levels that have market watchers concerned.
“Big Short” investor Michael Burry recently warned that miners will go “bankrupt” and be “forced to sell” their Bitcoin reserves if BTC falls below the $50,000 mark, according to a Yahoo Finance report.
Scott Wren, Senior Global Market Strategist at Wells Fargo Investment Institute, maintains optimism despite recent volatility, describing the U.S. economy as a “gigantic aircraft carrier” that is difficult to knock off course. He views market pullbacks as “opportunities to increase exposure” to favored sectors.
U.S. stock futures advanced Friday, with the SPDR S&P 500 ETF Trust (NYSE:SPY) up 0.37% at $680.10 in premarket.
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