) miners surged on Jan. 9 as traders piled into equity markets amid growing bets that the United States Federal Reserve would soon be able to relax its aggressive fight against inflation.
Bitcoin miners Riot Blockchain , Hut8 , Bitfarms , Marathon Digital Holdings and others posted double-digit percentage gains in intraday trading. The rally coincided with a broad uptick in equity markets, with the large-cap S&P 500 Index rising 1% and the technology-focused Nasdaq climbing 2% before paring gains.
Markets rallied ahead of an eagerly awaited U.S. consumer price index report later this week that’s expected to show a continued moderation in cost pressures. On Jan. 7, data from the Labor Department showed that and wage growth softened in December, suggesting that the Federal Reserve’s rate-hike campaign was having its desired effects.