Hut 8 Shares Are Surging Wednesday: What You Need To Know
Portfolio Pulse from Vaishali Prayag
Hut 8 Corp (NASDAQ:HUT) shares surged by 16.6% on Wednesday due to a softer-than-expected May CPI report, which has boosted crypto-related stocks. The U.S. inflation rate for May came in lower than anticipated, raising hopes for potential Federal Reserve rate cuts and driving up Bitcoin prices.
June 12, 2024 | 6:49 pm
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Hut 8 Corp shares surged by 16.6% on Wednesday due to a softer-than-expected May CPI report, which has boosted crypto-related stocks. The lower inflation rate has raised hopes for potential Federal Reserve rate cuts, driving up Bitcoin prices and benefiting Hut 8.
The lower-than-expected May CPI report has led to a surge in crypto-related stocks, including Hut 8 Corp. The anticipation of potential Federal Reserve rate cuts has driven up Bitcoin prices, which directly benefits Hut 8 as a crypto mining company.
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