Bit Digital, Inc., a bitcoin mining company, saw its stock plummet 5.14% on Thursday as the cryptocurrency market experienced significant volatility amidst the ongoing bitcoin rally.
Bitcoin closed in on the historic $100,000 level, fueled by optimism surrounding President-elect Donald Trump's support for cryptocurrencies and the potential for a more friendly regulatory environment in the U.S. Crypto stocks experienced a mixed reaction, with some gaining on the optimism while others, like Bit Digital, faced selling pressure.
The volatile trading in crypto-related stocks reflects the uncertainty surrounding the future of cryptocurrencies and the potential impact of regulatory changes. While some investors are betting on a crypto boom under a Trump administration, others are taking a more cautious approach, leading to increased volatility in the sector.
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