Stock Track | Bit Digital Soars Over 5% in Pre-Market as Crypto Stocks Rally on Optimism Around Incoming Trump Administration's Crypto-Friendly Policies

Stock Track

Jan 17, 2025

Bit Digital Inc. (BTBT), a leading Bitcoin mining company, saw its stock soar 5.23% in Friday's pre-market trading session. This surge comes amid a broader rally in cryptocurrency-related stocks, fueled by expectations that the incoming Trump administration will adopt more favorable policies towards digital assets and blockchain technology.

The optimism is driven by several factors, including the appointment of crypto-friendly individuals to key positions within the new administration. For instance, Trump's pick for Treasury Secretary, Scott Bessent, has spoken positively about Bitcoin and holds investments in a Bitcoin exchange-traded fund. Meanwhile, Trump's choice for Commerce Secretary, Howard Lutnick, is the CEO of Cantor Fitzgerald, a firm that manages billions of dollars' worth of Tether, a prominent stablecoin.

Additionally, the surge in Bitcoin's price to over $104,000 has fueled the broader bullish sentiment in the crypto market. Market participants anticipate that the Trump administration's stance will be a significant departure from the current regulatory environment, paving the way for greater adoption and innovation in the digital asset space.

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(BTBT), a leading Bitcoin mining company, saw its stock soar 5.23% in Friday's pre-market trading session. This surge comes amid a broader rally in cryptocurrency-related stocks, fueled by expectations that the incoming Trump administration will adopt more favorable policies towards digital assets and blockchain technology.</p>\n\n<p>The optimism is driven by several factors, including the appointment of crypto-friendly individuals to key positions within the new administration. For instance, Trump's pick for Treasury Secretary, Scott Bessent, has spoken positively about Bitcoin and holds investments in a Bitcoin exchange-traded fund. Meanwhile, Trump's choice for Commerce Secretary, Howard Lutnick, is the CEO of Cantor Fitzgerald, a firm that manages billions of dollars' worth of Tether, a prominent stablecoin.</p>\n\n<p>Additionally, the surge in Bitcoin's price to over $104,000 has fueled the broader bullish sentiment in the crypto market. 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(BTBT), a leading Bitcoin mining company, saw its stock soar 5.23% in Friday's pre-market trading session. This surge comes amid a broader rally in cryptocurrency-related stocks, fueled by expectations that the incoming Trump administration will adopt more favorable policies towards digital assets and blockchain technology.</p>\n\n<p>The optimism is driven by several factors, including the appointment of crypto-friendly individuals to key positions within the new administration. For instance, Trump's pick for Treasury Secretary, Scott Bessent, has spoken positively about Bitcoin and holds investments in a Bitcoin exchange-traded fund. Meanwhile, Trump's choice for Commerce Secretary, Howard Lutnick, is the CEO of Cantor Fitzgerald, a firm that manages billions of dollars' worth of Tether, a prominent stablecoin.</p>\n\n<p>Additionally, the surge in Bitcoin's price to over $104,000 has fueled the broader bullish sentiment in the crypto market. 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