- 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.
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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.
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