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
Crude Oil Price Forecast: US-Iran Conflict Escalates Again, Will Brent Continue to Rise After Breaking $90? The US and Iran exchanged direct fire again after more than a month, rapidly escalating shipping risks in the Strait of Hormuz and pushing international oil prices back above $90 a barrel
Author  TradingKey
13 hours ago
The US and Iran exchanged direct fire again after more than a month, rapidly escalating shipping risks in the Strait of Hormuz and pushing international oil prices back above $90 a barrel
placeholder
Gold Price Forecast: Can Gold Keep Rising as Fed Rate Hike Expectations Heat Up and US-Iran Conflict Escalates? As of the Asian session on August 31, gold prices today (XAUUSD) extended last Friday's decline, briefly falling below $4,400 during intraday trading to hit a low of $4,396.36. Last Frida
Author  TradingKey
13 hours ago
As of the Asian session on August 31, gold prices today (XAUUSD) extended last Friday's decline, briefly falling below $4,400 during intraday trading to hit a low of $4,396.36. Last Frida
placeholder
Today’s Market Recap: Escalating US-Iran Conflict Pushes Oil Past $90, Warsh's Hawkish Remarks Boost Fed Rate-Hike Expectations, August Nonfarm Payrolls in Focus This WeekTracking Market TrendsTradingKey - On August 28, Eastern Time, the three major U.S. stock indexes closed lower across the board. Remarks by Federal Reserve Chairman Warsh at the Jackson Hole symposium
Author  TradingKey
20 hours ago
Tracking Market TrendsTradingKey - On August 28, Eastern Time, the three major U.S. stock indexes closed lower across the board. Remarks by Federal Reserve Chairman Warsh at the Jackson Hole symposium
placeholder
Bitcoin Price Prediction: Fed Chair Warsh Makes Jackson Hole Debut, Can BTC Break $83,000?Fed Chair Warsh Makes Jackson Hole Debut: Can Bitcoin Capitalize on Momentum to Break Strong $83,000 Resistance?On August 28, Bitcoin (BTC) price continued to fluctuate in a narrow range
Author  TradingKey
Aug 28, Fri
Fed Chair Warsh Makes Jackson Hole Debut: Can Bitcoin Capitalize on Momentum to Break Strong $83,000 Resistance?On August 28, Bitcoin (BTC) price continued to fluctuate in a narrow range
placeholder
Silver Reclaims $70 to Hit Nearly Two-Month High as Monthly Gain Exceeds 20% On August 28 Eastern Time, international silver prices continued their recent strong rally, with spot silver (XAGUSD) briefly breaking through the key $70 mark intraday, after approaching
Author  TradingKey
Aug 28, Fri
On August 28 Eastern Time, international silver prices continued their recent strong rally, with spot silver (XAGUSD) briefly breaking through the key $70 mark intraday, after approaching
goTop
quote