Bit Digital, Inc
BTBT NASDAQ

BTBT
Bit Digital, Inc NASDAQ
 
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Upcoming Earnings
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Jul 272021

Bit Digital surfs the crypto recovery wave

Bit Digital had a very happy Monday, surging up 110% on the back of a new co-mining deal with Digihost Technology and riding the wave of crypto recovery that’s sweeping the market.

Shares of Bitcoin (BTCUSD) mining company Bit Digital popped to their highest price since mid-June after inking a deal with Bitcoin mining-focused blockchain tech company Digihost Technology, soaring 109.69% from $4.23 to $8.87. The strategic co-mining agreement will see Digihost provide premises to Bit Digital for two years to operate a 100 megawatt Bitcoin-mining system. The deal is aimed at increasing the hashrate between the two companies, and builds on a prior agreement agreed back on June 10.

Bit Digital is also trading higher on the back of an increase in crypto prices everywhere. After a bear run of note, Bitcoin (BTCUSD) surged past $40,000 yesterday for the first time since June 17, boosted by rumors that Amazon (AMZN) might soon start accepting Bitcoin as payment. The rally comes not long after Bitcoin (BTCUSD) closed below $30,000 for the first time since December as Delta variant fears extended the crypto crash. Since then though, sentiment has turned bullish and the digital currency market has pulled itself back up by the bootstraps. Other Bitcoin (BTCUSD) mining companies went along for the ride too, and crypto firms like MicroStrategy (MSTR) and Coinbase (COIN) went leaping up 26% and 9% respectively.

Alas, what goes up must come down and Bit Digital was among TradingView’s top losers in Tuesday morning trading – possibly because Amazon (AMZN) denied the Bitcoin payment rumors had any credence to them.