Bit Digital, Inc. (BTBT) saw its stock price surge 6.94% in extended trading on Wednesday, riding the wave of a broader rally in cryptocurrency-related stocks. The uptick came in the wake of tech giant Nvidia's impressive earnings report, which sparked renewed optimism in the crypto mining sector.

Nvidia, a major supplier of graphics processing units (GPUs) used in cryptocurrency mining, delivered strong financial results that exceeded market expectations. This positive sentiment spilled over to crypto mining companies, with several seeing significant gains in after-hours trading. Bit Digital was among the beneficiaries, with its stock climbing alongside peers such as Cipher Mining, IREN, and TeraWulf.

The rally in crypto stocks suggests that investors are becoming more bullish on the prospects of companies involved in digital currency mining. As Nvidia's success often correlates with demand for crypto mining equipment, its strong performance may be interpreted as a positive signal for the overall health of the cryptocurrency ecosystem. However, investors should remain cautious as the cryptocurrency market is known for its volatility, and stock prices in this sector can be subject to rapid fluctuations based on various factors, including regulatory news and cryptocurrency price movements.