- NYSE:SOS gained 0.22% during Monday’s trading session.
- SOS and other miners rose as Bitcoin reclaimed the $40,000 level.
- New York weighs a Bitcoin mining ban for the state.
NYSE:SOS managed to put an end to its recent four-day losing streak as the China-based crypto miner jumped higher into 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 stock trading lower for most of the session, as shares dipped to an all new 52-week low price 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 by 238 basis points, the S&P 500 added 0.57%, and the NASDAQ rallied by 1.29% ahead of big tech earnings later this week.
Stay up to speed with hot stocks' news!
It was a rare positive day for Bitcoin mining stocks, as the blue-chip crypto also reversed late in the session to recapture the $40,000 price level. Not only did SOS jump higher into 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 session higher. Bitcoin had dipped during weekend trading, but the crypto markets received a boost late Friday when Twitter (NYSE:TWTR) announced it would be accepting Elon Musk’s bid of $44 billion.
SOS stock forecast
All eyes in the crypto industry are on the State of New York’s Assembly which is voting on a bill that would place a two-year ban on Proof of Work mining. Of course, this would include Bitcoin and Ethereum mining, although the latter is currently transitioning to the more environmentally friendly Proof of Stake model.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD extends recovery beyond 1.0400 amid Wall Street's turnaround
EUR/USD extends its recovery beyond 1.0400, helped by the better performance of Wall Street and softer-than-anticipated United States PCE inflation. Profit-taking ahead of the winter holidays also takes its toll.
GBP/USD nears 1.2600 on renewed USD weakness
GBP/USD extends its rebound from multi-month lows and approaches 1.2600. The US Dollar stays on the back foot after softer-than-expected PCE inflation data, helping the pair edge higher. Nevertheless, GBP/USD remains on track to end the week in negative territory.
Gold rises above $2,620 as US yields edge lower
Gold extends its daily rebound and trades above $2,620 on Friday. The benchmark 10-year US Treasury bond yield declines toward 4.5% following the PCE inflation data for November, helping XAU/USD stretch higher in the American session.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.