Bitcoin mining stocks Marathon Digital, Riot Platform, Clean Spark move on Monday: What's going on? – Cleanse Park (NASDAQ:CLSK)

multiple stocks Bitcoin Mining stocks including (CRYPTO: BTC) Marathon Digital Holdings Co., Ltd. (NASDAQ: MARA), Riot Platforms Inc. (NASDAQ:RIOT) and Clean Spark Co., Ltd. (NASDAQ: CLSK) is rising on Monday as Bitcoin prices rise. Let's see what's happening.

what happened: Bitcoin has been trending sideways since reaching new highs in March. The Spot Bitcoin ETF had been experiencing net outflows for a while, but the trend reversed in early May and net outflows resumed at the end of last week. Although Bitcoin appears to be stuck in a trading range, it was on the rise on Monday morning, and was last trading around $62,930, up about 2.8% in 24 hours.

According to CoinTelegraph, one move that could contribute to the rise in Bitcoin prices earlier this week is Metaplanet's entry into the cryptocurrency space.

The report shows that the Tokyo-listed investment company acquired nearly 118 bits as strategic reserve assets. The company reportedly said in a press release that the move is a direct response to continued economic pressure in Japan.

Check this out: Bitcoin up 3%: What will this week's inflation data and Powell speech bring?

Bitcoin may also be rising due to an increase in long-term holders. The average 30-day supply of Bitcoin held by long-term holders has increased by 12% since early May. As of May 13, long-term Bitcoin holders collectively held over 13.992 million Bitcoins, according to data from Glassnode.

Mining stocks in particular have remained volatile since last month's halving event. Halving is a programmed process in the Bitcoin protocol that occurs every 210,000 blocks, or approximately every four years. Last month, the Bitcoin network completed its fourth halving event, marking a significant reduction in the amount of rewards miners receive for successful mining transactions.

CleanSpark is an energy company that transitioned its expertise to focus on Bitcoin mining in 2020. CleanSpark stock was up 8.32% at $16.84 at the time of publication.

Marathon Digital is engaged in mining digital assets and focuses on the Bitcoin ecosystem. At press time, the stock price was up 4.78% to $17.98.

Riot Blockchain is focused on building, supporting, and operating blockchain technology with a vision to become the leading Bitcoin-powered infrastructure platform. As of Monday morning, the stock price was up 5.01% to $9.66.

Read next: What’s going on with Bitcoin mining stock Bitfarms?

Photo: 15958319 from Pixabay