Shares of Bit Digital Inc., a leading cryptocurrency mining company, surged by an impressive 8.3% on November 11, riding the wave of a broader crypto market euphoria driven by the election of Donald Trump as the next US President.
Trump's victory has ignited optimism among investors, as the President-elect has vowed to embrace digital assets and create a favorable regulatory landscape for the crypto industry. During his campaign, Trump promised measures such as establishing a strategic Bitcoin stockpile and appointing crypto-friendly regulators, signaling a stark contrast from the outgoing administration's crackdown on the sector.
The surge in Bit Digital's stock price mirrored the meteoric rise of Bitcoin, which smashed through the $82,000 mark for the first time on November 11, propelled by expectations of a more nurturing environment for cryptocurrencies under the incoming Trump administration. The world's largest digital asset has rallied over 30% since the election, setting new records almost daily and fueling a broader rally in the crypto market.
