Topic: [2024-11-06] Bitcoin Mining Stocks Skyrocket ... (Read 89 times)

Bitcoin Mining Stocks Skyrocket as Trump’s White House Win Sparks Crypto Rally

After last week’s turbulent period, publicly traded bitcoin mining companies rebounded on Wednesday, celebrating a strong performance as Trump clinched the White House.

Bitcoin Mining Stocks See Explosive Gains

On Nov. 6, bitcoin mining stocks rallied, riding high alongside bitcoin, which hovered at $74.6K by 9:40 a.m. ET on Wednesday. MARA Holdings (MARA), boasting the largest market cap among 30 mining firms, enjoyed a 9.89% boost.

Core Scientific (CORZ) followed with an 8.21% increase, while Riot Platforms (RIOT), holding the third-highest market cap, saw an 11.38% rise against the dollar. Leading the top ten gainers, Cipher Mining (CIFR) jumped 17.67% by 9:40 a.m. ET, with Hut 8 (HUT) close behind, climbing 17.05% that morning.

Out of the 30 publicly traded mining companies, only Griid (GRDI) missed out on the upswing on Nov. 6. Beyond mining stocks, crypto-linked companies like Coinbase and Microstrategy also benefited from the day’s momentum.

Coinbase (COIN) advanced 15.97%, while Microstrategy (MSTR) increased by 12.27% against the dollar. The surge in bitcoin mining stocks and related crypto companies reflects growing market confidence following recent political developments associated with Trump’s win.

Investors appear optimistic about digital assets, pushing valuations higher as bitcoin stabilizes near record highs. This rally, encompassing both miners and crypto firms, may signal a renewed interest in the sector as traders watch for further gains in the unpredictable crypto economy.

Source: https://news.bitcoin.com/bitcoin-mining-stocks-skyrocket-as-trumps-white-house-win-sparks-crypto-rally/