Why Bitcoin Mining Stocks Soared on Friday

The price of Bitcoin (CRYPTO: BTC) was suddenly surging Friday. As of 3:30 p.m. ET, Bitcoin was trading at around $40,600, having jumped 11% over the previous 24 hours.

That pulled a host of Bitcoin mining stocks higher as well. For example, Bitfarms (NASDAQ: BITF), Riot Blockchain (NASDAQ: RIOT), Hut 8 Mining (NASDAQ: HUT), and Bit Digital (NASDAQ: BTBT) were up 14%, 13%, 14%, and 20%, respectively, as of this writing. But those gains were not entirely because of Bitcoin's move. Some of these companies have also recently released updates about their businesses, and investors' responses to those news releases contributed to their share price jumps on Friday.

Image source: Getty Images.

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Source Fool.com