Crypto Mining Stocks witnessed a really hard time on Wednesday as top cryptocurrency Bitcoin tried out its crucial $50,000 support level. Shares of top mining firms such as Marathon Digital Holdings, Riot Blockchain, Hut 8, Hive Blockchain, and BitDigital all saw a drop on Wednesday before climbing a recovery. Crypto Mining Stocks Sinks as Bitcoin Tests $50K Support Bitcoin saw a low of $50,305 on Wednesday before surging again to the level of $52,000 and as a result of this, prices of various crypto mining stocks fell. Over the last week, regardless of the recent bullish news in the market, Bitcoin has struggled a lot to determine the price support. The surge in the price of Bitcoin was followed by the tweet from the CEO of Tesla, Elon Musk, as he announced the acceptance of BTC as a form of payment on Wednesday. This piece of news did provide the crypto market with a boost, however, the prices quickly fell down back again. The recent 5% surge in the price of Bitcoin after Musk’s tweet was slightly different from the previous surge as the rise in prices could not sustain this time. Jordan Belfort, the inspiration behind the iconic movie, Wolf of the Wall Street, recently shared his belief that Bitcoin will soon hit $100,000 per coin. Recent Wealth Transfers in the Market Leeor Shimron, the Vice President of Digital Asset Strategy released a statement last week regarding the performance of mining stocks over Bitcoin that said: “Over the past year, they greatly outperformed Bitcoin, which accelerated when the $20,000 all-time high was breached.” In addition to this, Leeor Shimron said: “We expect this dynamic to continue as the bull market plays out.” As for the bearish news in the market, Glassnode Crypto analysts have found that there has been a rise in the wealth transfers from the long-term investors to the new explorers in their weekly analysis.
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