Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

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.

Recommended Articles

Japanese Yen rallies to February 18 high as upbeat wage data and GDP lift BoJ hike bets The USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.

Author FXStreet

Sep 08, Tue

The USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.

Gold slumps to near $4,350 amid oil-driven inflation fears, US inflation data in focus Gold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation ‌concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.

Author FXStreet

Sep 09, Wed

Gold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation ‌concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.

US August PPI Preview: Producer Inflation May Reaccelerate, How Will US Stocks, Dollar, and Gold React?The U.S. Bureau of Labor Statistics will release the August Producer Price Index (PPI) at 8:30 a.m. ET on September 10. Against the backdrop of U.S. August non-farm payrolls significantly

Author TradingKey

Sep 09, Wed

The U.S. Bureau of Labor Statistics will release the August Producer Price Index (PPI) at 8:30 a.m. ET on September 10. Against the backdrop of U.S. August non-farm payrolls significantly

Over 140,000 Traders Liquidated as Bitcoin Nears $78,000 in Four-Day Drop, Altcoins Broadly Slump Over 140,000 traders liquidated in crypto market as BTC drops for fourth straight day to test $78,000 level; altcoins crash.On September 10, the cryptocurrency market experienced a new ro

Author TradingKey

Yesterday 01: 39

Over 140,000 traders liquidated in crypto market as BTC drops for fourth straight day to test $78,000 level; altcoins crash.On September 10, the cryptocurrency market experienced a new ro

Brent holds above $100 as tanker attacks tighten supply — but four forces are capping the rally Brent crude is holding above $100 a barrel for a second session, its first close above the level since late July, as tanker attacks near the Strait of Hormuz squeeze an already tight physical market. Yet the rally has been gradual: 8.3 mb/d of Gulf output is still shut in, diesel is at a record, and forecasts now range from $74 to $100.

Author Irene Q.

20 hours ago

Brent crude is holding above $100 a barrel for a second session, its first close above the level since late July, as tanker attacks near the Strait of Hormuz squeeze an already tight physical market. Yet the rally has been gradual: 8.3 mb/d of Gulf output is still shut in, diesel is at a record, and forecasts now range from $74 to $100.

Popular Symbols