Bitfarms Ltd. (BITF), a leading cryptocurrency mining company, witnessed a remarkable 14.29% surge in its stock price during the pre-market trading session on November 11, 2024. This significant upswing was fueled by the record-breaking rally in Bitcoin, which surpassed the $81,000 mark for the first time.
The Bitcoin rally was propelled by President-elect Donald Trump's embrace of digital assets and the prospect of a Congress featuring pro-crypto lawmakers. As Le Shi, Hong Kong managing director at market-making firm Auros, stated, "With the dust from Trump's victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that's what we're seeing now."
Bitfarms was not the only crypto-related stock to benefit from this market euphoria. Other companies in the industry, such as Canaan, Marathon Digital, Bit Digital, Riot Platforms, MicroStrategy, and Coinbase, also experienced substantial gains in the premarket trading session, with increases ranging from 9% to 17%.
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