- U.S. client costs had been up a greater than anticipated 6.4% in January.
- Bitcoin mining shares nonetheless gained close to 20% within the week ended Feb nineteenth.
- Mike Colonnese reiterated his bullish view on BTC miners in the present day.
Final week, the U.S. Bureau of Labour Statistics stated consumer prices had been up a greater than anticipated 6.4% in January. Nonetheless, H.C. Wainwright & Co analyst Mike Colonnese stays bullish on bitcoin miners.
Mining shares gained close to 20% final week
Colonnese quoted the worth motion for the week that ended on February 19th to defend his view in a latest word.
Regardless of inflation retaining effectively above the Fed’s 2.0% goal, BTC gained about 12% within the stated week prompting an excellent larger close to 20% enhance in mining shares.
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 stated in his analysis word:
BTC costs additionally responded positively to information on 2/15 of the SEC’s proposal to develop 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 enhance within the community hash fee 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 stated week – a greater than 12% enhance.
The aforementioned SEC proposal goals to guard buyers in opposition to a professional custodian chapter. To that finish, Colonnese wrote:
We view the proposal as a internet optimistic, as long as new necessities for certified crypto custodians aren’t onerous, as proposed adjustments may enhance investor protections, and instill better confidence in crypto ecosystem.
Of the six bitcoin mining shares he covers, Colonnese at present has a “purchase” ranking on 5.