Bit Digital, Inc. (BTBT), a cryptocurrency mining company, saw its stock soar 5.9% in pre-market trading on Wednesday. This pre-market rally appears to be driven by the broader cryptocurrency market's buoyant performance, particularly the rise of Bitcoin, ahead of the upcoming US inflation data release and the inauguration of President-elect Donald Trump.
Bitcoin, the world's largest cryptocurrency, climbed closer to the $97,000 mark, rising 2.18% in the last 24 hours. The crypto market rally was fueled by anticipation of crypto-friendly policies under the Trump administration and optimism surrounding the softer-than-expected US inflation data. The softer core price index helped lift crypto prices, with Bitcoin changing hands at $99,188 as of 9:09 a.m. in New York.
Speculators are weighing the potential inflationary impact of Trump's tariff and immigration policies against his pledge to make the US a global hub for cryptocurrencies. This positive sentiment also boosted other major crypto stocks in pre-market trading, including Canaan (up 7%), TeraWulf (up 6%), Hut 8 (up 6%), MicroStrategy (up 5%), Bakkt Holdings (up 5%), CleanSpark (up 4%), Marathon Digital Holdings (up 4%), Riot Platforms (up 4%), and Coinbase (up 4%). However, the Bitcoin spot ETF iShares Bitcoin Trust (IBIT) saw a record high single-day net outflow of $219.48 million, indicating some profit-taking by investors.
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