Bitcoin Mining Firms Witness 10% Stock Price Rally as Trump Promises Support

Source Livebitcoinnews

US presidential candidate and former US president Donald Trump is using crypto as a focal point of his current campaign – a twist from his previous term in which he called Bitcoin a scam. Now, he looks to make the US the center of crypto innovation and be the ‘crypto president’.

In his latest move, he urged to make the US the most robust Bitcoin mining jurisdiction. His post on Truth Social read, “We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!” These words represented his sentiments in a meeting among executives from the country’s top mining companies at his Mar-a-Lago residence in Palm Beach, Florida.

The approval from the 2024 presidential candidate sent stock prices of mining firms soaring on June 12 as TeraWulf (WULF) and Hut 8 Mining (HUT) registered the largest gains. They recorded 10.5% and 10.07% respectively. Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR) followed with their respective gains of 9.87%, 9.72%, and 8.94%. Surprisingly, the largest mining firm by market cap, Marathon Digital, failed to surge as much as its counterparts, recording just 2.4% gains.

The Bitcoin mining industry exhibits a market cap of over $27 billion, at press time. With immense potential to grow even further as Bitcoin witnesses increasing adoption every year, Trump’s meeting with mining executives can produce fruitful results that push the industry further. In the meeting, Trump claimed that mining would strengthen the US electrical grid and add more jobs.

With the election nearing, Trump’s pro-Bitcoin and crypto stance is turning many in his favor, from Silicon Valley VC and startup evangelists to retail users. The popularity of Bitcoin is rising in the US, as one in four Americans holds some amount of it. Trump’s alignment with the crypto industry’s development can make it easier for businesses to flourish and broaden interest in the asset class among institutional and retail investors.

Image by WorldSpectrum from Pixabay

The post Bitcoin Mining Firms Witness 10% Stock Price Rally as Trump Promises Support appeared first on Live Bitcoin News.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Forex Today: Yet to be confirmed US-Iran MOU caps US Dollar's upsideHere is what you need to know on Friday, May 29:
Author  FXStreet
7 hours ago
Here is what you need to know on Friday, May 29:
placeholder
How Trumponomics Influenced Oil Price Volatility in the Iran War Understand how the Strait of Hormuz shock moved markets, and what CFD traders watched next.
Author  Rachel Weiss
13 hours ago
Understand how the Strait of Hormuz shock moved markets, and what CFD traders watched next.
placeholder
Finding The Best Japan Stocks to Buy? These are Top Japanese Companies to Watch Discover the best Japanese stocks to buy, including AI semiconductor leaders, Buffett-backed trading houses, and undervalued Japan stocks benefiting from corporate reforms and yen trends.
Author  Mitrade
14 hours ago
Discover the best Japanese stocks to buy, including AI semiconductor leaders, Buffett-backed trading houses, and undervalued Japan stocks benefiting from corporate reforms and yen trends.
placeholder
WTI falls to near $87.00 on potential US-Iran ceasefire extensionWest Texas Intermediate (WTI) oil price extends its losses for the third successive day, trading around $87.20 per barrel during the Asian hours on Friday.
Author  FXStreet
16 hours ago
West Texas Intermediate (WTI) oil price extends its losses for the third successive day, trading around $87.20 per barrel during the Asian hours on Friday.
placeholder
Trump’s ‘Copper Tariffs’ June Countdown. US Copper Imports Surge, Will Copper Prices Hit New Highs?On May 27, Bloomberg reported that copper trading activity has intensified as market expectations of potential copper tariffs under a Trump administration heat up, prompting traders to sh
Author  TradingKey
Yesterday 08: 08
On May 27, Bloomberg reported that copper trading activity has intensified as market expectations of potential copper tariffs under a Trump administration heat up, prompting traders to sh
goTop
quote