Bitcoin mining stocks have seen declines despite the U.S. Securities and Exchange Commission (SEC) clarifying that proof-of-work mining does not violate securities law. Top firms like Marathon Digital Holdings (MARA), CleanSpark (CLSK), and Bitdeer (BTDR) suffered losses even after the SEC's positive guidance circulating. As of the latest reports, MARA and BTDR are down approximately 1.5%, while CLSK has dropped by 4.5%, underperforming against indices like the Nasdaq Composite and S&P 500. The SEC had indicated that mining operations don't involve the offer and sale of securities and thus do not need registration. This clarity is significant considering the contentious regulatory history surrounding crypto mining but hasn't bolstered stock values. Other crypto firms, including Coinbase and MicroStrategy, also reported declines. Overall, the sentiment in the Bitcoin market is weakening, highlighted by a recent report showing a drop in bullish indicators. This trend continues as investors prepare for market volatility, with Bitcoin and Ethereum prices also showing slight dips.

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