Bit Digital, Inc. (BTBT), a cryptocurrency mining company, experienced a significant surge in its stock price during Monday's trading session, with shares soaring 5.15%. This rally appears to be directly linked to the remarkable performance of Bitcoin, which broke through the $100,000 mark, currently trading at $100,968 with a 24-hour gain of 2.65%.
The cryptocurrency market has been on a bullish run, with Bitcoin leading the charge. As Bit Digital's primary business revolves around mining and holding the digital currency, the company's stock price movement closely mirrors the fluctuations in Bitcoin's value. As Bitcoin's price soars, the profitability of Bit Digital's mining operations increases, making the company more attractive to investors.
According to reports, the surge in Bitcoin's price has been fueled by a combination of factors. MicroStrategy co-founder Michael Saylor hinted at an impending Bitcoin acquisition on Monday, posting a Bitcoin chart from the SaylorTracker website, which he typically does before purchasing the cryptocurrency. Additionally, Ethereum and Bitcoin spot ETFs have seen significant inflows, with the Fidelity Wise Origin Bitcoin Fund (FBTC) recording a net inflow of $356.95 million on January 3rd, indicating strong investor interest.
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