Why Bitcoin-Related Stock Bitfarms Is Trading Higher – Bitfarms (NASDAQ:BITF)

Bitfarms Ltd (NASDAQ:BITF) shares are trading higher by 7.2% to $1.12 going into the close of Thursday’s session. Shares of crypto-related stocks are trading higher amid a rise in Bitcoin. 

Bitfarms shares may also be trading higher in sympathy with crypto exchange Coinbase after the company received regulatory approval to enable retail perpetual futures trading.

See Also: Coinbase Pumps Higher Following Bitcoin, Ethereum: The Bull, Bear Case

Why It Matters

Coinbase’s expansion into new trading products often reflects the growing adoption of cryptocurrencies. As more individuals and institutions participate in the crypto market, there may be increased demand for mining services and infrastructure, benefiting companies like Bitfarms.

Increased trading volumes and higher cryptocurrency prices can also lead to increased mining revenue for companies like Bitfarms. Miners earn rewards through transaction fees and mining rewards, and higher trading activity can drive up transaction fees.

See Also: Ethereum Moves Higher Following Economic Reports; Bitcoin Cash Emerges As Top Gainer

Hear from cryptocurrency traders and experts on where the future is headed and how Bitcoin use cases have changed over the years. Benzinga’s Future of Crypto 2023 hits New York City on Nov. 14, 2023. Get Tickets Today!

According to data from Benzinga Pro, Bitfarms has a 52-week high of $2.16 and a 52-week low of $0.38.