Bitfarms Ltd. (BITF) saw its stock surge 7.94% on Thursday in the pre-market session, fueled by a combination of positive analyst coverage and a rally in the price of Bitcoin.
In a boost for the cryptocurrency mining company, Alliance Global Partners analyst Brian Kinstlinger initiated coverage on Bitfarms with a Buy rating and a $6 price target. Kinstlinger cited the company's strong power capacity and positioning for growth in the cryptocurrency mining industry as key factors behind his bullish stance.
Adding to the upward momentum, the price of Bitcoin soared to nearly $100,000 on Wednesday afternoon, following news that President-elect Donald Trump had tapped Paul Atkins, a crypto advocate, to lead the Securities and Exchange Commission. Atkins' nomination was seen as a positive for cryptocurrencies, as he has previously criticized regulatory actions taken by the SEC under Gary Gensler's leadership.
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