Listed stocks Bitcoin Miners are plummeting as Bitcoin hits a 15-month low, falling to $72,185 on Wednesday, and is now down nearly 20% in the past week.
Selection subject $BTC Shares of mining companies MARA Holdings (MARA) and Riot Platforms (RIOT) fell 11.6% and 10% on the day, to $7.99 and $13.78, respectively. Meanwhile, Hut8 (HUT) and Cipher Mining (CIFR) fell further, dropping nearly 14.3% and 20.76% from the opening bell to $50.60 and $12.92, respectively.
Miner’s decline comes amid weakening Bitcoin price trends. The top crypto asset has fallen more than 4% in the past 24 hours, extending weekly losses to almost 20%. The decline of other top coins will become even more severe. Ethereum It is down about 30% weekly to $2,113. Solana The latest price was $90, down about 28%.
Alex Thorne, head of research at Galaxy, said further losses could be in store for Bitcoin. proposed this week Structural weaknesses and lack of catalyst could push the price closer to the 200-week moving average of $58,000.
Price declines have also affected miners’ profitability, with miners’ profit versus loss Sustainability ratio hit 14-month low last weekaccording to data from CryptoQuant.
This ratio tracks the relationship between Bitcoin price and operational profitability. Bitcoin Mining operations have presented operational challenges for miners, who also recently had to deal with severe winter storms that blanketed the northeastern United States.
Sluggish profitability and increasing demand for artificial intelligence (AI) computing have led some Bitcoin miners to completely abandon their previous businesses and dedicate their resources to driving the AI boom.
For example, BitFarms (BITF) is completely loosen $BTC Transforming mining operations and AI Despite hinting at a pivot after posting a $46 million loss at the end of last year, the mining group’s share price was not protected from a fall, dropping more than 12% on Wednesday to re-trade at $2.37.
It’s not just miner stocks that are suffering. Big tech companies like Microsoft (MSFT), Snapchat (SNAP), and PayPal (PYPL) saw their stock prices decline by significant double-digit percentages last week as investors pondered concerns related to market-wide AI disruption.
Market indexes such as the S&P 500 and Nasdaq Composite have fared well, declining only 1.59% and 4.47%, respectively, over the past five trading days.
Other popular crypto stocks such as cryptocurrency exchange Coinbase (COIN) and leading Bitcoin treasury company Strategy (MSTR) each fell more than 8% and recently traded at $164.96 and $121.79, respectively.
