Shares of Bit Digital Inc., a leading cryptocurrency mining company, soared in pre-market trading on November 12, surging by an impressive 9.04%. This remarkable rally was fueled by 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, fostering domestic mining of the token, 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 $88,000 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.
