TeraWulf Inc. (WULF), a leading cryptocurrency mining company, witnessed a remarkable surge in its stock price, soaring 14.98% in the last 24 hours as of November 6, 2024. This significant increase was driven by the growing optimism surrounding the cryptocurrency industry following the election of a pro-crypto President-elect.
Bitcoin, the world's largest cryptocurrency, hit a record high on Wednesday, fueled by President-elect Donald Trump's favorable stance towards cryptocurrencies. According to reports, Trump has vowed to make the U.S. the "crypto capital of the planet" and has made a series of promises to the crypto industry, including creating a national bitcoin reserve and potentially easing regulations.
The cryptocurrency mining sector, including TeraWulf, benefited from this positive sentiment. TeraWulf's stock price jumped 22% and reached a new 52-week high of $7.58, as investors anticipate a more crypto-friendly environment under the new administration. The surge in TeraWulf's stock price reflects the market's belief that the company, along with other crypto-mining firms, could thrive in an environment with more favorable regulations and policies.
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