Bit Digital, Inc. (BTBT), a cryptocurrency mining company, saw its stock surge 5.31% in pre-market trading on Wednesday. This pre-market rally appears to be driven by the broader cryptocurrency market's anticipation of the upcoming US inflation data release.

Bitcoin, the world's largest cryptocurrency, climbed closer to the $97,000 mark, rising 2.18% in the last 24 hours ahead of the inflation report. The correlation between Bitcoin and the tech-heavy Nasdaq 100 Index has reached a two-year high of around 0.7, indicating that the equity market's reaction to the inflation data could also influence the cryptocurrency market.

Investors are closely watching the inflation data as it will shape expectations for the Federal Reserve's monetary policy decisions. With President-elect Donald Trump set to take office on January 20, there are speculations about his crypto-friendly policies, which could further boost the cryptocurrency sector.