Why Bit Digital Stock Was Bouncing Back Today

Shares of Bit Digital (NASDAQ: BTBT), a company in China that mines popular cryptocurrency Bitcoin (CRYPTO: BTC), were bouncing back today following months of steady declines. As of 10:30 a.m. EDT on Thursday, the stock was up 9%. And it's likely because the price of Bitcoin isn't crashing today, like it was yesterday.

Bitcoin took a big step back yesterday after the People's Bank of China reportedly told its citizens that cryptocurrencies can't be used as a form of payment. For perspective, Bitcoin was almost at $65,000 just last month. Yesterday, following the news from China, it briefly dipped below $35,000 -- nearly halved in a very short amount of time. Companies like Bit Digital have been slumping as a result.

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Source Fool.com