Key Points
- Bitcoin mining stocks experienced an upturn following former President Trump’s endorsement of Bitcoin mining as a defense against Central Bank Digital Currency.
- Leading the surge was TeraWulf, with a near 20% increase at one point.
After former U.S. President Donald Trump expressed support for Bitcoin miners, suggesting that the remainder of the cryptocurrency should be mined domestically, mining stocks experienced a boost on Wednesday.
TeraWulf Leads the Surge
TeraWulf led the recovery, with its stocks jumping nearly 20% at one point. This recovery came after a majority of Bitcoin mining stocks fell on the previous trading day. Alongside this, the price of Bitcoin also saw a rebound of around 5%. It seems that Trump’s remarks may have contributed to the price gains for the mining stocks.
Trump’s comments were made on Truth Social late Tuesday night. His post read, “VOTE FOR TRUMP! Bitcoin mining may be our last line of defense against a [Central Bank Digital Currency]. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!!”
On Wednesday, TeraWulf shares peaked at $4.13, marking a 19% gain compared to the previous day’s close.
Other Mining Stocks Also Rise
Other mining stocks also saw increases. MicroStrategy’s stock price rose about 7%, and Hive Digital Technologies saw a near 8% increase. Iris Energy, which held firm amid a sector-wide selloff on Tuesday, was up 3% at the time of publication.
Bitcoin’s price surged above the $69,000 mark following Wednesday’s U.S. inflation report, which came in cooler than expected.
