TORONTO / LONDON (IT BOLTWISE) – Shares of crypto companies, particularly Bitcoin miners, saw a significant decline on Wednesday. Bitfarms, Cipher Mining and Hut 8 posted double-digit losses, while Galaxy Digital also fell sharply following a positive report the previous day. The market is reacting to the slowdown in the AI and high-performance computing boom that had previously fueled the industry.
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On Wednesday, crypto-related stocks saw a significant decline, with Bitcoin miners with AI infrastructure particularly hit hard. Bitfarms, Cipher Mining and Hut 8 posted double-digit losses of 10% to 15% in the early hours of trading. Galaxy Digital, a digital assets company with a growing data center operation, also fell 15%, erasing the previous day’s gains.
The CoinShares Bitcoin Mining ETF, which is considered an indicator for the sector, fell 7%. Other crypto stocks outside the mining sector were not spared. Bakkt Holdings, which surged over 300% earlier this month, fell another 7.5% and is now almost 40% below its weekly high. MicroStrategy, the world’s largest corporate Bitcoin holder, lost 4% and fell below the $290 mark.
The decline in Bitcoin miners suggests that the multi-month rally fueled by investor optimism over lucrative data center contracts has stalled. At the height of the AI and high-performance computing boom, the combined market capitalization of the companies involved exceeded $95 billion, but has since fallen to about $82 billion.
Bitfarms saw a rise of over 400% since September, but has since fallen about 40% and is now trading at just over $4 per share. IREN, which was up about 400% year-to-date and 200% since September, is now down about 30% from its all-time high of $73 and is currently trading at around $52.
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