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

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

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.

Bitcoin fell to a low of $50,305 on the day before pushing back above the $51,000 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 the movie "Wolf on Wall Street," said he believes bitcoin will hit $100,000 per coin in a recent interview with Fortune.

Bitcoin miners also got a boost last week when Leeor Shimron, Fundstrat's vice president of digital asset strategy, told investors that bitcoin mining stocks could continue to outperform bitcoin amid a "modern-age gold rush."

"Over the past year, they greatly outperformed Bitcoin, which