Shares of Hut 8 Mining Corp (HUT) soared 6.85% in early trading on Monday, as cryptocurrency-related stocks rallied on the back of rising Bitcoin prices. The significant uptick in Hut 8's stock price aligns with a broader trend observed across the crypto mining and blockchain technology sector, reflecting renewed optimism in the cryptocurrency market.

The rally in Hut 8 Mining Corp's stock is part of a larger movement in crypto-related equities. Other notable gainers in the sector include Coinbase Global, up 2.9%, Riot Platforms, rising 4%, and Bitfarms, which saw a 5.2% increase. This collective rise underscores the strong correlation between Bitcoin's price action and the performance of cryptocurrency mining and services companies.

Investors appear to be reacting positively to the latest surge in Bitcoin prices, which recently climbed 1.5% to $106,286. As a major Bitcoin mining operation, Hut 8 Mining Corp's profitability and stock performance are closely tied to the value of Bitcoin. The company's substantial gain indicates that traders are optimistic about the near-term prospects of both Bitcoin and crypto mining operations in general. Additionally, hopes of an end to the U.S. government shutdown have lifted risk sentiment, further contributing to the positive momentum in crypto stocks.