TechFlow news, October 29 — According to Cointelegraph, as Bitcoin surpassed $70,000, mining stocks surged by as much as 24.4%. Mitchell Askew, Chief Analyst at Blockware, said deficit spending and lower interest rates are driving increased global liquidity, while weak performance in government bonds reflects investor concerns about long-term inflation, prompting capital to shift toward the Bitcoin market.
Singapore-based mining firm Bitdeer Technologies (BTDR) led the rally, gaining 24.4% in a single day; Nasdaq-listed IREN, Gryphon Digital Mining, and Hut 8 rose 17.8%, 16.5%, and 15.5% respectively. Some mining companies are diversifying into AI and high-performance computing, further enhancing their investment appeal.
Matthew Sigel, Head of Digital Assets at VanEck, noted that Argentina, the United Arab Emirates, and Ethiopia have confirmed using state resources for Bitcoin mining, while BRICS nations are planning to use Bitcoin for international trade settlements in the future to circumvent the U.S. dollar system.
