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Wednesday, May 18, 2022

Mercurity Fintech Holding Inc (MFH) stock skyrocketed in the pre-market. Here’s why

The stock of Mercurity Fintech Holding Inc (MFH) closed the recently traded session at $2.1 without any change from the last trading session. The stock of MFH skyrocketed in the pre-market and gained massively. MFH stock was up by 93.93% to $4.06 in the pre-market, during the last check. $2.01 and $2.26 during the regular trading session. There is no recent news from the company. The gain in the stock can be linked to the increase in the value of a cryptocurrency, Bitcoin. MFH is on a consistent ascent since the week before.

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Mercurity Fintech Holding Inc (MFH) is a computerized fintech bunch controlled by blockchain innovation. The organization’s essential business scope incorporates advanced resource exchanging, resource digitization, crossline settlement, and different administrations, giving agreeable, proficient, and exceptionally effective computerized financial administrations to its clients. The firm has a market capitalization of $20.26 million and is headquartered in Beijing, China.

Why is MFH soaring?

The rise in the Bitcoin value is acting as a catalyst for the stock of MFH to rise. The market clenches optimistic feelings for the crypto stocks due to the current rise in bitcoin. The previous month was promising for BTC investors, in light of the fact that it ascended by 12.8%. The digital currency rose to $43,000 in the previous day. The market naturally has blended perspectives about future possibilities. Blockchain shares connected to digital money like BTC trailed not too far behind and had taken off. A similar trigger apparently harmonized with the MFH stock. MFH saw a wild development following unpredictability. Despite this, dealers stay careful about the rise, which mirrors the shaky advancement seen with MFH.

Company financials

MFH reported the financial results for Q3 of FY21, earlier in January 2022. The company posted revenue of $6,000 in Q3 of FY21. Meanwhile, the company had a total loss of $17.6 million in the third quarter of the fiscal year 2021.

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