CleanSpark, Inc. (CLSK) shares are soaring 6.95% in pre-market trading on Monday, outpacing earlier projections and riding the wave of a broader cryptocurrency stock rally. The surge comes as Bitcoin hovers around the $104,000 mark, fueling optimism across the cryptocurrency sector and boosting the prospects of Bitcoin mining companies.
The positive momentum in crypto-related stocks began in overnight trading and continued into the pre-market session. CleanSpark, a prominent player in the Bitcoin mining industry, is among the top performers in the sector. Other crypto mining companies such as Canaan, Riot Platforms, and Marathon Digital Holdings (MARA) are also seeing significant gains, with increases ranging from 5% to 10% in pre-market trading.
The upward movement in CleanSpark's stock price reflects the overall bullish sentiment in the crypto market. Bitcoin's strong performance, which saw it briefly touch $105,000 over the weekend, has been a key driver. This surge in Bitcoin's value directly impacts mining companies like CleanSpark, as it potentially increases their profitability and asset values. Additionally, positive macro headlines, including easing global trade tensions between the U.S. and China, have contributed to a risk-on sentiment in the market, further benefiting crypto-related stocks.
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