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- 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 mentioned 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 value motion for the week that ended on February 19th to defend his view in a current be aware.
Regardless of inflation holding nicely 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 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 mentioned in his analysis be aware:
BTC costs additionally responded positively to information on 2/15 of the SEC’s proposal to broaden present certified custodian guidelines for shopper 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 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 mentioned week – a greater than 12% improve.
The aforementioned SEC proposal goals to guard traders towards 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 modifications might improve investor protections, and instill better confidence in crypto ecosystem.
Of the six bitcoin mining shares he covers, Colonnese presently has a “purchase” score on 5.