- U.S. shopper costs have 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 at present.
Final week, the U.S. Bureau of Labour Statistics stated shopper costs have 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 current word.
Regardless of inflation maintaining nicely above the Fed’s 2.0% goal, BTC gained about 12% within the stated week prompting a fair larger close to 20% enhance in mining shares.
That’s significantly encouraging when in comparison with the benchmark S&P 500 index that truly 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 present 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 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 stated week – a greater than 12% enhance.
The aforementioned SEC proposal goals to guard buyers in opposition to a certified custodian chapter. To that finish, Colonnese wrote:
We view the proposal as a internet optimistic, as long as new necessities for certified crypto custodians should not onerous, as proposed modifications might enhance investor protections, and instill larger confidence in crypto ecosystem.
Of the six bitcoin mining shares he covers, Colonnese at the moment has a “purchase” score on 5.
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