Bit Digital, Inc. (BTBT), a cryptocurrency mining company, experienced a significant surge in its stock price during the pre-market session on Monday, January 6th, 2025. The company's shares soared by 5.42%, riding the wave of Bitcoin's remarkable rally that saw the world's largest cryptocurrency break through the $99,000 mark.
The cryptocurrency market has been on a bullish run, with Bitcoin leading the charge. As of Monday morning, Bitcoin was trading at $99,176, registering a 24-hour gain of 1.06%. This surge in Bitcoin's price has had a ripple effect on companies operating in the cryptocurrency space, including Bit Digital.
Bit Digital's stock price movement closely mirrors the fluctuations in Bitcoin's value, as the company's primary business revolves around mining and holding the digital currency. As Bitcoin's price soars, the profitability of Bit Digital's mining operations increases, making the company more attractive to investors.
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