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bitcoin mining stocks rallied on June 12 after US presidential candidate donald trump said he wants all unmined btc to be manufactured in the US.
TeraWulf (WULF) and Hut 8 Mining (HUT) posted the biggest gains among the 10 largest btc mining companies by market cap. Both WULF and HUT soared more than 10%, according to data from Google Finance.
The top five remaining performers of the day were Core Scientific (CORZ), Iris Energy (IREN), and Cipher Mining (CIFR). CORZ and IREN are up more than 9%, while CIFR is up more than 8%.
<img decoding="async" alt="bitcoin Mining Images – Explore 259,935 Stock Photos, Vectors and Videos | AdobeStock” src=”https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-mining-stocks-rally-after-Donald-Trump-said-he-wants.jpg”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-mining-stocks-rally-after-Donald-Trump-said-he-wants.jpg" alt="bitcoin Mining Images – Explore 259,935 Stock Photos, Vectors and Videos | AdobeStock”/>
Marathon Digital Lags Other bitcoin Mining stocks
Industry giants CleanSpark (CLSK) and Riot Platforms (RIOT) joined the rally with their respective increases of over 8% and over 6%. Marathon Digital (MARA), the largest btc miner by market capitalization, also gained more than 2%.
Trump recently hosted several btc mining executives and promised that he would defend the bitcoin mining industry if elected.
Trump and Joe Biden try to win over the crypto community
Trump's support for btc The miners are part of their campaign to increase support from crypto voters.
He previously announced that his campaign will accept cryptocurrency donations, and last week he said he aims to become the “crypto president.”
He criticized current President Joe Biden, Elizabeth Warren, and Securities and Exchange Commission (SEC) Chairman Gary Gensler for their negative stance toward the crypto industry.
Cryptocurrencies are becoming a popular topic in American politics, to the point that Biden's campaign has begun reaching out to the cryptocurrency industry amid concerns that it could lose votes.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”10.33734939759″>
Yeah twitter.com/JoeBiden?ref_src=twsrc%5Etfw”>@JoeBiden loses, there's a good chance you can thank him twitter.com/GaryGensler?ref_src=twsrc%5Etfw”>@GaryGensler and the twitter.com/NewYork_SEC?ref_src=twsrc%5Etfw”>@NewYork_SEC
Cryptocurrencies are a mainstay among younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD
All you've done is make it almost impossible for… https://t.co/uBKupxLhS9
—Mark Cuban (@mcuban) twitter.com/mcuban/status/1789037772050702824?ref_src=twsrc%5Etfw”>May 10, 2024
multimillionaire Cuban brandKnown for his role on the TV show “Shark Tank,” he said this week that Biden must choose between his loyalty to Securities and Exchange Commission Chairman Gary Gensler and crypto voters or risk losing the election.
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