Bit Digital, Inc. (BTBT), a cryptocurrency mining and hosting company, experienced a significant surge in its stock price, soaring 5.48% in pre-market trading on Friday.
The pre-market rally was fueled by President Donald Trump's executive order aimed at establishing the United States as a leader in digital asset innovation and promoting the mainstream adoption of cryptocurrencies. The move boosted investor sentiment and sparked a rally in crypto-related stocks.
Trump's executive order established a working group tasked with proposing new regulations for the crypto industry and exploring the creation of a national cryptocurrency stockpile. It also directed regulators to protect banking services for crypto companies, alleviating concerns about them being cut off from the financial system. Additionally, the order banned the development of any central bank digital currency that could compete with existing cryptocurrencies like Bitcoin.
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