10 Firms Defy Market Pessimism

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9. Cipher Mining Inc. (NASDAQ:CIFR)

Shares of Cipher Mining rallied for a third day on Friday, adding 6.69 percent to its valuation to end at $5.9 apiece. Being a Bitcoin mining firm, the rally in its prices was in line with the overall increase in Bitcoin prices, which at the time of writing was already at $104,832 apiece.

Since President Donald Trump signaled his plans to make cryptocurrency a national priority, Bitcoin’s share prices already marked a 12.16-percent increase year-to-date, with the optimism creating a ripple effect for Bitcoin miners.

Additionally, investors bought up shares in Cipher Mining after it earned a rating upgrade from an investment banking firm over renewed hopes that Trump will establish a strategic Bitcoin reserve in the US.

Last Tuesday, Needham & Company LLC upgraded its price target for Cipher Mining to $7.5 apiece and a “buy” rating, signaling confidence in the company.

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