Bit Origin Sinks 30%+ as Recent Rally Fades, But TeraWulf and Other Crypto Stocks Gain as Bitcoin Rises

Jerry Kronenberg wrote a column · Jul 1 14:35

$Bit Origin (BTOG.US)$ shed some 30% intraday Monday as the crypto stock's recent rally ran out of steam – with prices plunging despite rising Bitcoin prices and 10%+ gains for several rival crypto companies.

BTOG fell as much as 31.9% to a $1.96 intraday low despite no news from the company. However, the stock had recently been on a tear, rising 127.4% between its $2.12 intraday low on April 19 and its $5.73 intraday peak last Thursday.

Bit Origin fell despite $Bitcoin (BTC.CC)$ itself gaining 2.2% on the day to $63,308 as of shortly before 3:30 p.m. ET.

That sent many other crypto stocks rallying as of shortly before 3:30 p.m. ET, including:

-- $TeraWulf (WULF.US)$, which gained 15.9% to $5.16

-- $CleanSpark (CLSK.US)$, up 15.1% at $3.19

-- $MARA Holdings (MARA.US)$, ahead 14.8% at $22.79

-- $Iris Energy (IREN.US)$, +14% at $12.86

-- $BIT Mining (BTCM.US)$, which added 12.4% to $2.97

-- $Cipher Mining (CIFR.US)$, better by 12.3% at $4.66

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Jerry Kronenberg

Director of Financial Content

Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.

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