Cipher Mining Inc. (NASDAQ:CIFR) shares traded higher Monday as the price of Bitcoin (CRYPTO: BTC) climbed above $63,000.
The Details: Bitcoin began its recent rally over the weekend after Germany completed the liquidation of its Bitcoin holdings which reduced the selling pressure on the cryptocurrency. On Friday evening, a failed assassination attempt on former President Donald Trump added further fuel ignite the rally.
Bitcoin has gained more than 6% over the past 24 hours as investors interpret the increasing odds of a second term for Trump as a positive development for cryptocurrencies. Shares of Bitcoin miners and crypto-related stocks climbed higher Monday across the board.
On-chain analytics firm Santiment interpreted the rally as the market's "bullish bias" toward a pro-Trump development.
"It goes without saying that surviving an assassination attempt is perceived as pro-Trump news. Therefore, bullish responses have occurred as a result," Santiment noted.
Cipher Mining mined 176 Bitcoin, sold 103 Bitcoin and held 2,209 Bitcoin in June of 2024, according to the company's latest operational update.
CIFR Price Action: According to Benzinga Pro, Cipher Mining shares ended Monday's session up 27.8% at $5.98. The stock is down 0.18% after-hours at $5.98 at the time of publication Monday.
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