Hut 8 Mining Corp's stock soared over 9% in the pre-market session on Thursday, riding the tailwinds of Bitcoin's surge towards the psychologically important $100,000 mark.
The cryptocurrency's rally was fueled by two major factors: President-elect Donald Trump's nomination of crypto-friendly lawyer Paul Atkins to lead the Securities and Exchange Commission (SEC), and comments from Federal Reserve Chair Jerome Powell likening Bitcoin to "digital gold".
As a major Canadian Bitcoin mining company, Hut 8's prospects are closely tied to the performance of the leading cryptocurrency. The positive developments for the crypto industry, including the anticipated favorable regulatory environment under the incoming Trump administration and Powell's remarks boosting Bitcoin's credibility as a store of value, have drawn more investor interest and fueled the rally in Hut 8's stock.
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