Bitcoin Miners Lead Crypto Stock Losses Amid Wider Market Dip—With BTC Falling

Bitcoin miners and other crypto-centric stocks fell on Thursday amid a broader rally in crypto markets and other risk assets, fueled by the same macroeconomic uncertainties that have roiled markets for weeks.

Miners Bitdeer Technologies Group and Bitfarms fell more than 20% and 17%, respectively, while Cipher Mining fell 13%. The share prices of other leaders in the sector, which has faced headwinds in recent weeks, were well in negative territory, including MARA Holdings, which holds the most Bitcoin among miners and has fallen more than 10%.

Those creeks came as The price of Bitcoin fell down under $99,000 for the first time since the beginning of May. The largest cryptocurrency by market capitalization recently fell 3% in the last 24 hours to $99,371, off almost 22% from its record high set just over a month ago.

Ethereum and Solana, the second and sixth largest digital asset by market capitalization, recently fell about 7% each, hitting respective lows of four and five months.

Galaxy Digital was recently down more than 12%, while Robinhood Markets and crypto exchange giant Coinbase were down about 9% and 7%, respectively. Treasuries have also been tough, with BitMine Immersion, Ethereum’s largest treasury, falling nearly 10% and Strategy focused on Bitcoin more than 6%.

The main indexes were all solidly red as investors moved away from technology stocks with the Nasdaq and the S&P 500, which has a strong technology component, off 2.5% and 1.75%, respectively.

These measures have held up better than digital assets and companies focused on them in the past month, despite the longest government shutdown in US history – which ended late Wednesday – and dueling concerns about inflation and the economy.

On Thursday, the Bureau of Labor Statistics did not release its monthly Consumer Price Index for October, with the White House saying the Bureau of Labor Statistics could not finish collecting data because of the shutdown.

A consensus of the Wall Street Journal predicts that the CPI will increase 3% for the month on an annual basis, still well above the target of 2% of the central bank of the United States. The Federal Reserve has been cautious about cutting interest rates because inflation has remained steady, but it has also had to balance employment and productivity data that favor economic stimulus and buoy markets that are developing in liquidity.

On Tuesday, ADP’s latest real-time estimate of labor market trends found that US employers lost more than 11,000 jobs in the week through the end of October. A separate report from Goldman Sachs showed that US non-farm payrolls fell by 50,000 jobs in October.

In a Myriad prediction market, 55% of respondents expect Bitcoin to reach $115,000 and not drop to $85,000 – a downward shift of about 6% in the last 24 hours. (Disclaimer: Myriad is a unit of Dastan, the parent company of an editorially independent Decrypt.)