- NYSE: SOS gained 0.22% in Monday’s trading session.
- SOS and other miners rose as Bitcoin recovered the $40,000 level.
- New York is weighing a Bitcoin mining ban for the state.
NYSE:SOS managed to end its recent four-day losing streak as the China-based crypto-miner jumped higher in the closing bell. On Monday, shares of SOS gained 0.22% and closed the first trading session of the week at $0.41. SOS saw its shares decline for most of the session, as shares fell to an all-new 52-week low during intraday trading. Monday saw another volatile session for the broader markets, although this time the major averages managed to close in the green at the closing bell. The Dow Jones rebounded 238 basis points, the S&P 500 added 0.57% and the NASDAQ rebounded 1.29% ahead of big tech earnings later this week.
Stay up to date with hot stock news!
It was a rare positive day for Bitcoin mining stocks, as the top-notch crypto also reversed late in the session to retake the $40,000 price level. Not only did SOS jump higher in the close, but shares of other Bitcoin mining stocks like Marathon Digital Holdings (NASDAQ:MARA), Riot Blockchain (NASDAQ:RIOT), and Canaan Inc ADR (NASDAQ:CAN) all closed the close. session above. Bitcoin had fallen during weekend trading, but crypto markets received a boost on Friday night when Twitter (NYSE: TWTR) announced it would accept Elon Musk’s offer of $44 billion. dollars.
SOS inventory forecast
All eyes in the crypto industry are on the New York State Assembly, which is voting on a bill banning mining with proof of work for two years. Of course, this would include Bitcoin and Ethereum mining, although the latter is currently transitioning to the more environmentally friendly Proof of Stake model.