- U.S. client costs had been up a greater than anticipated 6.4% in January.
- Bitcoin mining stocks still gained close to 20% within the week ended Feb nineteenth.
- Mike Colonnese reiterated his bullish view on BTC miners as we speak.
Last week, the U.S. Bureau of Labour Statistics mentioned consumer prices had been up a greater than anticipated 6.4% in January. Still, H.C. Wainwright & Co analyst Mike Colonnese stays bullish on bitcoin miners.
Mining stocks gained close to 20% final week
Colonnese quoted the value motion for the week that ended on February 19th to defend his view in a current notice.
Despite inflation maintaining properly above the Fed’s 2.0% goal, BTC gained about 12% within the mentioned week prompting an excellent greater close to 20% improve in mining stocks.
That’s notably encouraging when in comparison with the benchmark S&P 500 index that really misplaced 0.3% within the week ended February 19th. Colonnese additionally mentioned in his analysis notice:
BTC costs additionally responded positively to information on 2/15 of the SEC’s proposal to broaden current certified custodian guidelines for consumer property held with funding advisers to crypto property.
Hashprices touched a four-month excessive
A 9.1% week-over-week improve within the community hash price to 319 EH/s additionally fed into his constructive view on BTC miners. Continued upside in bitcoin costs pushed hashprices as much as $0.08/TH within the mentioned week – a greater than 12% improve.
The aforementioned SEC proposal goals to guard buyers towards a certified custodian chapter. To that finish, Colonnese wrote:
We view the proposal as a web optimistic, as long as new necessities for certified crypto custodians should not onerous, as proposed modifications may improve investor protections, and instill larger confidence in crypto ecosystem.
Of the six bitcoin mining stocks he covers, Colonnese at the moment has a “buy” score on 5.
