Why Bitcoin-Related Stock Bitfarms Is Trading Higher
Portfolio Pulse from Henry Khederian
Shares of Bitfarms Ltd (NASDAQ:BITF) are trading higher by 7.2% amid a rise in Bitcoin. The increase may also be due to sympathy with crypto exchange Coinbase, which recently received regulatory approval to enable retail perpetual futures trading. Increased trading volumes and higher cryptocurrency prices can lead to increased mining revenue for companies like Bitfarms.
September 28, 2023 | 7:55 pm
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Bitfarms Ltd's stock is trading higher due to a rise in Bitcoin and sympathy with Coinbase's recent regulatory approval. Increased crypto trading volumes and prices can boost Bitfarms' mining revenue.
The rise in Bitfarms Ltd's stock can be attributed to the overall rise in Bitcoin and the recent regulatory approval received by Coinbase. As a crypto mining company, Bitfarms benefits from increased trading volumes and higher cryptocurrency prices, which can lead to increased mining revenue.
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