Connect with us

Hi, what are you looking for?

Bitcoin Mining

Bitcoin mining stocks were down by double digits as the markets opened on Monday.

Bitcoin mining stocks were down by double digits at market open on Monday morning amid turbulence in crypto and equities markets. 

Argo Blockchain, for instance, had fallen by over 18% on the London Stock Exchange and over 16% on Nasdaq. Core Scientific, Iris Energy and TeraWulf stocks were down by 12.87%, -12.66% and 11.32%, respectively.

With many of these companies holding on to a majority of bitcoin that they mine, the value of their assets is largely dependent on the price of bitcoin. Core Scientific, for example, held 8,058 BTC as of May 31, according to a recent statement

Bitcoin’s price was at around $22,750 at the time of publications, having fallen over 13% from the day before.

Major Bitcoin holder MicroStrategy also saw its stock drop by 23% as the markets opened Monday. The software company owns 129,218 BTC together with its entities.

Generally, the global market cap for crypto has also dipped below $1 trillion — a 50% fall from $2 trillion in November 2021. On Sunday, crypto lending firm Celsius announced that it was pausing all withdrawals and transfers due to unfavorable market conditions.

The broader equities market was in the red as of press time. The Dow Jones Industrial Average is down 2.3%, with the S&P 500 and Nasdaq down 4.24% and 3.55%, respectively.

Featured

Bitcoin

The crypto market is bracing for a potential surge as the U.S. presidential election nears, with experts offering bold predictions for Bitcoin’s price trajectory....

etf

The launch of new spot Bitcoin (CRYPTO: BTC) ETFs in January was a watershed event for the crypto industry. Arguably, it was Wall Street’s biggest new product...

Bitcoin

US-based Wells Fargo publicly announced its spot Bitcoin ETF investments in a statement to the US Securities and Exchange Commission (SEC). On the other...

Bitcoin Mining

The mining industry for Bitcoins incurred a sizeable debt load during the bull market of 2021, which hurt their financial health during the subsequent...