H.C. Wainwright analyst Mike Colonnese says the recent selloff in the bitcoin miners “has created a very attractive buying opportunity.” Macro factors will continue to overshadow positive crypto-specific news flow and be the biggest driver of digital asset price performance over the short term, the analyst tells investors in a research note. The firm says tariffs, inflation, a hawkish Federal Reserve, and the Department of Government Efficiency have created a “risk-off environment” for equities and cryptocurrencies. As such, H.C. Wainwright is taking a “more neutral-to-cautious stance” on bitcoin over the short-term until some of the economic headwinds subside. While it believes the bottom might not yet be in for mining stocks, H.C. Wainwright thinks “we are close.” The analyst has Buy ratings on Bitfarms (BITF), Bitdeer (BTDR), CleanSpark (CLSK), IREN (IREN), Cipher Mining (CIFR), Hut 8 (HUT) and Hive Digital (HIVE).

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

See today’s best-performing stocks on TipRanks >>

Read More on BITF: