Bitcoin Miners Lead Crypto Stock Losses Amid Wider Market Dip—With BTC Falling

Bitcoin miners and other crypto-focused stocks experienced significant declines due to a wider downturn in cryptocurrency and risk-on asset markets. The major miners saw substantial drops in share prices, with Bitdeer Technologies Group and Bitfarms decreasing over 20% and 17% respectively. Bitcoin itself fell below $100,000 for the third time in November, recently trading at $99,611 after a 2% drop, reflecting macroeconomic uncertainties affecting market sentiment. Ethereum and Solana also faced declines of about 7%, reaching their lowest points in several months. Additionally, other firms in the crypto space, including Coinbase and Robinhood Markets, reported significant losses. This market movement coincided with the conclusion of the longest government shutdown in U.S. history, which further contributed to economic anxieties. The Bureau of Labor Statistics' delay in releasing crucial Consumer Price Index data heightened investor concerns, particularly regarding persistent inflation and its impact on interest rates, as the Federal Reserve maintains a cautious stance on potential rate cuts.

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