Bitfarms Ltd (NASDAQ:BITF) Stock Goes Parabolic: Soars 60% In a Month
As the price of Bitcoin rises again, the focus seems to have gone back to Bitcoin mining companies and one of the Bitcoin mining companies that you could look into at this point is Bitfarms Ltd (NASDAQ:BITF).
Market Stats
On Friday, BITF stock moved up 6.20% to $8.58 with more than 10.50 million, compared to its average volume of 7.47 million shares. The stock has moved within a range of $7.68 – 8.59 after opening trading at $7.98.
Major News
The Bitfarms stock has been one of the prime movers in recent weeks and the upward move continued this past Friday as the stock jumped by another 6%. That took the gains made by the stock to as much as 60% for the past month. Last week the company was in the news after it emerged that Bitfarms had concluded the acquisition of its first American property.
It was a significant development for the company considering the fact that the company went for the move to not only reduce its operating costs but also boost margins.
Hence, there was a degree of optimism about the Bitfarms stock among investors last Friday. It is a 24 MW farm and will launch the operations of the company in the United States market. It should be noted that last month the company had been in the news as well after it emerged that mining had commenced at a 240 MW farm located in Argentina and two other farms located in Canada.
Traders Corner
BITF stock is trading above the 20-Day and 50-Day Moving averages of $6.80 and $5.64 respectively. Moreover, the stock is trading above the 200-Day moving average of $4.90. The stock is up 75% in the past month.
