Analysts say confusion over China’s export rules rattled markets before Bitcoin miners led a swift recovery on Monday.
Shares of Bitcoin mining companies rose sharply on Monday, recovering from losses sustained during Friday’s flash crash that analysts attributed to US President Donald Trump’s apparent misunderstanding of new Chinese export controls.
Bitfarms (BITF) and Cipher Mining (CIFR) led the rally, each posting double-digit gains. Hut 8 Mining (HUT), IREN (IREN) and MARA Holdings (MARA) also climbed more than 4%, while Core Scientific (CORZ) and Riot Blockchain (RIOT) traded broadly higher at the start of the session.
The rebound followed a steep sell-off on Friday after Trump announced plans to impose 100% tariffs on Chinese imports, stoking fears of an escalating trade war. The president’s comments, however, were later revealed to be based on a misunderstanding of China’s new export measures. Trump subsequently walked back his remarks over the weekend.
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