- Cryptocurrency miners and related stocks fell sharply due to ongoing macroeconomic challenges.
- The top 10 mining companies by market value saw significant share price losses over the past month.
- Bitcoin Price declined below $99,000, hitting a low not seen since early May.
- Other major cryptocurrencies like Ethereum and Solana dropped by about 7%, reaching multi-month lows.
- Economic uncertainties persist as inflation data was delayed due to a government shutdown, affecting market sentiment.
Bitcoin miners and other crypto-related stocks experienced significant declines on Thursday amid continued market uncertainty linked to macroeconomic factors. Leading mining firms such as Bitdeer Technologies Group and Bitfarms saw their stock prices drop by over 20% and 17%, respectively. Cipher Mining shares fell 13%, while MARA Holdings, the miner holding the largest Bitcoin reserves, declined more than 10%.
The price of Bitcoin fell below $99,000 for the first time since early May, sliding 3% in 24 hours to around $99,371. This value represents a nearly 22% decrease from its all-time high reached just over a month ago. Ethereum and Solana, ranked second and sixth by market capitalization, also fell approximately 7% each, marking four- and five-month lows for these digital assets.
Stocks of prominent crypto companies mirrored this downward trend. Galaxy Digital dropped over 12%, Robinhood Markets declined about 9%, and the crypto exchange Coinbase fell roughly 7%. Treasury-related products like BitMine Immersion, the largest Ethereum treasury, lost nearly 10%, while a Bitcoin-focused strategy product decreased more than 6%. Broader market indicators such as the Nasdaq and the S&P 500 also decreased by 2.5% and 1.75%, respectively, as investors retreated from technology stocks.
Recent economic challenges include the longest U.S. government shutdown in history, which ended on Wednesday but disrupted key data releases. The Bureau of Labor Statistics did not publish the October Consumer Price Index (CPI) report on Thursday, attributing the delay to the shutdown. Analysts had expected a 3% annual increase in CPI, above the Federal Reserve’s 2% target. The Fed has been cautious about adjusting interest rates due to persistent inflation and conflicting labor market signals.
Latest employment data revealed that U.S. employers cut an estimated 11,000 jobs per week through late October, according to ADP. Additionally, Goldman Sachs reported a reduction of 50,000 non-farm payroll jobs in October. Market sentiment remains cautious, with 55% of respondents in a Myriad prediction market anticipating Bitcoin to climb to $115,000 rather than fall to $85,000, indicating uncertainty about the cryptocurrency’s next move (Myriad is part of the group behind Decrypt).
Sources: Myriad prediction market.
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