In the pre-market trading session on Monday, shares of Core Scientific, Inc. (CORZ), a leading blockchain infrastructure and data solutions provider, surged by over 5% following a significant rally in the cryptocurrency market.
The stock's upward movement was fueled by a surge in the price of Bitcoin, the world's largest cryptocurrency, which hit a new all-time high of $106,533. This remarkable price increase was driven by positive sentiment from two key factors: firstly, comments from President-elect Donald Trump suggesting plans to create a U.S. bitcoin strategic reserve, and secondly, the inclusion of MicroStrategy (MSTR), a major Bitcoin stockpiler, in the tech-heavy Nasdaq-100 index.
As a major player in the cryptocurrency mining industry, Core Scientific's performance is closely tied to the broader cryptocurrency market trends. The company operates data centers that provide infrastructure and solutions for blockchain networks and digital asset mining. With Bitcoin's price soaring to new heights, investors anticipated increased demand for Core Scientific's services, driving the stock's significant pre-market gains.
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