Cryptocurrency mining stocks recover as bitcoin climbs back above $50,000

Cryptocurrency mining stocks recover as bitcoin climbs back above $50,000

Cryptocurrency mining stocks recovered on Friday as climbed back above the $50,000 per-coin level despite continued pressure on the cryptocurrency for its environmental impact. Shares of crypto miners like , , and all rose during premarket hours on Friday. However, over the past month, shares of Riot Blockchain are down 62%, while shares of Bit Digital and Marathon Digital Holdings are down 37% and 61%, respectively. The fall comes amid a breakdown in bitcoin's price due to repeated questions about the cryptocurrency's , and , and more recently, comments from CEO Elon Musk. Musk announced Tesla would using bitcoin due to the environmental impact of the digital currency on Wednesday. The billionaire CEO's bitcoin "U-turn" caused the digital asset's price to plummet below $48,000 per coin before mounting a mild recovery back above the $50,000 resistance level. Bitcoin's fall from grace came just a day after the US Securities and Exchange Commission said the digital currency is a investment in a warning to investors. "As such, investors should consider the volatility of bitcoin and the bitcoin futures market, as well as the lack of regulation and potential for fraud or manipulation in the underlying bitcoin market," the SEC said in