BITF Stock Increases Over 20% Intraday: Why It Happened

By Amit Chowdhry ● Jul 26, 2021
  • The stock price of Bitfarms Ltd. (NASDAQ: BITF) increased by over 20% during intraday trading. This is why it happened.

The stock price of Bitfarms Ltd. (NASDAQ: BITF) increased by over 20% during intraday trading. Investors are responding positively to the prices of cryptocurrencies increasing. 

Bitfarms is a Bitcoin mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics, and company-owned electrical engineering and installation services to deliver high operational performance and uptime.

As of 4:45 AM ET today, the prices of bitcoin, ethereum, and dogecoin all increased over 7% over the past 24 hours. Bitcoin hit a new six-week high price of $38,680 as of this morning. 

One of the reasons why the price of bitcoin is increasing is due to rumors that Amazon could begin accepting the cryptocurrency at the end of this year.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.