Bitfarms Ltd. (BITF), a leading cryptocurrency mining company, witnessed a remarkable surge in its stock price on November 11, 2024, soaring by an impressive 17.19%. This significant upswing was driven by the record-breaking rally in Bitcoin, which breached the $81,000 mark for the first time.
The Bitcoin rally was fueled by the election of Donald Trump as the new U.S. president and the prospect of a Congress featuring pro-crypto lawmakers. As market participants anticipate a favorable regulatory environment for cryptocurrencies under the new administration, investor enthusiasm for digital assets and related stocks skyrocketed.
Bitfarms was not the only crypto-related company 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, with increases ranging from 9% to 17% in premarket trading.
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