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Crypto Stocks Plunge Wednesday, With Galaxy, Bitcoin Miners Leading Decline

On Wednesday, crypto-related stocks, particularly Bitcoin miners transitioning into artificial intelligence infrastructure, faced significant losses. Leading the decline, Galaxy Digital's shares fell by 15%, reversing gains from its recent earnings report. Other Bitcoin miners like Bitfarms, Cipher Mining, and Hut 8 saw declines of 10% to 15%. The CoinShares Bitcoin Mining ETF was down by 7%. Meanwhile, Bitcoin price stabilized around $108,000, down from a peak of $114,000 the previous day. Stocks not directly related to mining also sank, including Bakkt, whose shares had surged over 300% earlier in the month but were down nearly 40% this week. This downturn in Bitcoin miners indicates a cooling off after a multi-month rally driven by investor optimism regarding data center deals. The overall market capitalization for AI-related companies has dropped from over $95 billion to approximately $82 billion, highlighting the sector’s volatility.

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Bitcoin's Seasonality: ‘Uptober’ Disappointed; ‘Moonvember’ Hype Starts Building Up

Recent analysis indicates that November may be Bitcoin's strongest month, with an eye-catching average gain of 42.5% since 2013, although this number is skewed by a remarkable 449% spike in 2013. The median return for November is a more modest 9%, suggesting significant variation in performance across

Bitcoin's Seasonality: ‘Uptober’ Disappointed; ‘Moonvember’ Hype Starts Building Up

Bitcoin's recent performance in October known as 'Uptober' was disappointing, breaking a six-year trend where the month usually ends positively. Analysts observed that October closed down 8.5%. In contrast, November, dubbed 'Moonvember', has seen an average gain of approximately 42.5% since 2013,

Bitcoin's Seasonality: ‘Uptober’ Disappointed; ‘Moonvember’ Hype Starts Building Up

Bitcoin's performance in November has become a subject of discussion among analysts, particularly following a disappointing October. Analyst Lark Davis asserts November is Bitcoin's strongest month, averaging a 42.5% gain, though this figure is skewed by an extraordinary 449% increase in 2013. The median gain

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