By Samuel Indyk
Investing.com – UK-listed cryptocurrency miner Argo Blockchain PLC (LON:ARB) saw its shares jump around 30% to a fresh record high of 255p as bitcoin continues its march higher. Bitcoin breached $50,000 for the first time on Tuesday as the recent corporate announcements suggest the world’s largest cryptocurrency continues to gain credibility.
Argo Blockchain
The company was forced to make an announcement to the exchange following the recent rise in the share price. Shares in the company have jumped over 30% in both trading days this week taking week-to-date gains over 70%.
In a statement regarding their share price movement, Argo Blockchain said: “The Board of Argo … notes the recent rise in the Company's share price and sees no fundamental reason for the move, nor is it aware of any material developments beyond those previously notified to the market.”
Making a separate comment on Twitter, the corporate account said the release was provided on the advice of their broker due to back-to-back days with large share price increases. The company also noted that the announcement was drafted prior to bitcoin breaking $50k.
Tesla announcement
Tesla’s announcement last week was the catalyst for the next leg higher in bitcoin and other cryptocurrencies. Tesla Inc (NASDAQ:TSLA) said they were buying bitcoin to diversify reserves and would hopefully begin accepting the cryptocurrency as payment. Other companies commenting or adopting bitcoin in some way in the last week include Mastercard (NYSE:MA) and Bank of New York Mellon (NYSE:BK).