"Bitcoin mining stocks felt the pain today as the broader market reacted to a third consecutive day of declines for Bitcoin. Many major miners are losing double-digit percentages, with Bitfarms ($BITF) leading the losses down over 18%. Riot Platforms ($RIOT) and Marathon Digital Holdings ($MARA) also saw sharp drops of 10%-11%, while Hut 8 and Strategy followed with smaller declines."
"The pullback has put a dent in the momentum miners had enjoyed over the past few months, when strong BTC prices and expanding hash rates drove the sector to multi-year highs. Despite the rough day, much of the Bitcoin mining sector is substantially in the green over the week, with the likes of Applied Digital and Cipher Mining jumping 3-4x in the last year."
"Image Credit Bitcoin mining stocks often follow bitcoin's direct price action. Today, bitcoin dipped to the $107,000 range which resulted in many BTC mining stocks closing in the red. This price action follows a rough two weeks that saw over $19 billion in leveraged positions liquidated, forcing more than 1.6 million traders out of their positions as cascading margin calls swept across exchanges."
Bitcoin experienced a third consecutive day of declines, sending bitcoin mining stocks sharply lower. Many major miners lost double-digit percentages, with Bitfarms down over 18%, Riot Platforms and Marathon Digital Holdings falling about 10%-11%, and others including Hut 8 and Strategy posting smaller declines. The recent pullback interrupted months of momentum driven by strong BTC prices and expanding hash rates that pushed miners to multi-year highs and a combined sector market capitalization above $90 billion. Over $19 billion in leveraged positions were liquidated in the past two weeks, forcing roughly 1.6 million traders from positions and amplifying selling pressure across crypto equities.
Read at Bitcoin Magazine
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