Bitfarms Ltd. (BITF), a leading cryptocurrency mining company, experienced a remarkable pre-market surge of 11.36% on November 12, 2024. This significant upswing was driven by the record-breaking rally in Bitcoin, which breached the $84,000 mark for the first time.
The Bitcoin rally fueled investor enthusiasm for crypto-related stocks, with the prospect of a favorable regulatory environment under the new U.S. administration further boosting sentiment. As market participants anticipate a Congress featuring pro-crypto lawmakers, the outlook for the digital asset industry has become increasingly optimistic.
Bitfarms was not the only crypto-related company to benefit from this market euphoria. Other companies in the industry, such as Canaan, Marathon Digital, Bit Digital, Riot Platforms, MicroStrategy, and Coinbase, also experienced substantial gains, with increases ranging from 9% to 17% in premarket trading.
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