The Argo Blockchain PLC (LON: ARB) share price rallied 16.2% after revealing that it had received a notification from the Nasdaq’s Listing Qualifications Department saying it had regained compliance with the exchange’s listing requirements.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
According to the letter, ARBK shares regained compliance on 13 January 2023 by trading above the minimum requirement of $1.00 for ten consecutive days. Investors cheered the news, which relieved the Bitcoin mining company after a rough couple of months.
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The rally in Argo Blcockhain shares was triggered by the rally in Bitcoin prices, with the world’s top crypto leading a surge higher across the crypto industry. Bitcoin is trading above $22,000 a coin, a significant milestone after it crashed to a low of $15,500 after the FTX debacle.
Given the recent rally, the worst seems to be over for the crypto industry. However, it is still too early to tell, given the significant impact that easy money policies by the world’s central banks fueled the previous rally.
Many crypto analysts suggest that the industry may decouple from other asset classes due to the massive influence of crypto whales on prices. On the other hand, sustained buying from crypto investors with significant resources could drive the crypto rally much higher regardless of whether the leading central banks reverse their aggressive monetary policies.
Argo Blockchain has taken the proper steps to protect its business from financial distress by selling its flagship Helios mining facility in Texas but retaining control of its mining machines to continue mining Bitcoin, albeit at a slower pace than before.
The Bitcoin mining company had disposed of some of its mining machines to cut costs as crypto prices remained depressed. However, the company might be out of the woods if the recent crypto rally continues and Bitcoin prices keep rising.
Crypto investors should keep an eye on Argo Blockchain shares going forward, and Bitcoin prices since the two are inextricably linked.
*This is not investment advice.
Argo Blockchain share price.
The Argo Blockchain share price rallied 16.21% to trade at 16.13p, from Friday’s closing price of 13.88p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.