RATE Group | Market Wrap: Crypto Mining Stock Hut 8 Jumps on Unusually High Trading Volume
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Market Wrap: Crypto Mining Stock Hut 8 Jumps on Unusually High Trading Volume

19 Apr Market Wrap: Crypto Mining Stock Hut 8 Jumps on Unusually High Trading Volume

Posted at 05:00h in Bitcoin News by

Shares of cryptocurrency mining firm Hut 8 Mining Corp. (TSX:HUT) surged 32 percent with unusually high trading volume on the Toronto Stock Exchange Friday. 

The huge, surprising bounce for the stock arrives after the firm warned earlier in April that coronavirus-related issues might hurt its business. 

Like cryptocurrencies themselves, mining company stocks are prone to violent swings, noted Moe Adham, CEO of  Canada-based crypto BTM operator Bitaccess. 

“These stocks are thinly traded. Happens all the time,” said Adham, who also sits on the board of publicly traded Cypherpunk Holdings (Canadian Stock Exchange: HODL).

Read more: In Canada They’re ‘Essential,’ In Argentina They’re Shut Down: Bitcoin Miners Reckon With COVID-19

However, volumes for Hut 8’s stock are over 1.5 million in shares traded Friday, nearly eight times the daily average. 

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Daily trading of Hut8 over the last six months shows unusual volume Friday. Source: TradingView

The stock’s price did dip…

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