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• U.S. client costs had been up a greater than anticipated 6.4% in January.
• Bitcoin mining stocks still gained close to 20% within the week ended Feb nineteenth.
• Mike Colonnese reiterated his bullish view on BTC miners at this time.

Last week, the U.S. Bureau of Labour Statistics mentioned consumer prices had been up a greater than anticipated 6.4% in January. Still, H.C. Wainwright & Co analyst Mike Colonnese stays bullish on bitcoin miners.

Mining stocks gained close to 20% final week

Colonnese quoted the worth motion for the week that ended on February 19^th to defend his view in a latest word.

Despite inflation preserving effectively above the Fed’s 2.0% goal, BTC gained about 12% within the mentioned week prompting an excellent greater close to 20% enhance in mining stocks.

That’s significantly encouraging when in comparison with the benchmark S&P 500 index that really misplaced 0.3% within the week ended February 19^th. Colonnese additionally mentioned in his analysis word:

BTC costs additionally responded positively to information on 2/15 of the SEC’s proposal to increase current certified custodian guidelines for consumer property held with funding advisers to crypto property.

Hashprices touched a four-month excessive

A 9.1% week-over-week enhance within the community hash charge 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% enhance.

The aforementioned SEC proposal goals to guard traders towards a certified custodian chapter. To that finish, Colonnese wrote:

We view the proposal as a web constructive, as long as new necessities for certified crypto custodians should not onerous, as proposed adjustments might enhance investor protections, and instill better confidence in crypto ecosystem.

Of the six bitcoin mining stocks he covers, Colonnese presently has a “buy” score on 5.