Why Was BIT Mining Stock Skyrocketing on Thursday?
Shares of cryptocurrency stock BIT Mining Limited (NYSE: BTCM) skyrocketed on Thursday. As of 3:30 p.m. EDT, the stock was up 31%, but it had been up over 50% earlier in the session. Many traders believed this stock was ripe for a short squeeze, and perhaps the surging prices of Bitcoin and Ethereum provided the necessary catalyst.
For context, Bit Mining stock was previously down for two reasons. First, cryptocurrency mining companies in China have been struggling because the government banned mining operations there. This forced companies like Bit Mining to shut down, at least temporarily. Second, the market has soured on Chinese stocks in general. For example, the iShares MSCI China ETF (a fund that holds a variety of Chinese companies) is down roughly 26% from its high earlier this year.
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Source Fool.com
