TSX edges higher after index falls the most in seven months
Investing.com -- Cryptocurrency-related stocks plunged on Thursday as Bitcoin retreated below the key $100,000 level, reaching a low of $98,100, down 3.5% on the day.
The sell-off hit major crypto companies across the board, with Cipher Mining (NASDAQ:CIFR) leading losses at 13% down. Riot Platforms (NASDAQ:RIOT), Hut 8 Corp (NASDAQ:HUT), and IREN Limited (NASDAQ:IREN) each fell 12%, while CleanSpark (NASDAQ:CLSK) and MARA Holdings (NASDAQ:MARA) dropped 11%. Bitmine Immersion slid 10%, while Coinbase Global (NASDAQ:COIN) declined 7% and Strategy fell 6%.
Ethereum also experienced significant pressure, falling 6.3% to $3,183.
The crypto market decline coincides with broader weakness in technology stocks, as the Nasdaq heads toward its third consecutive session of losses. Investors have been rotating capital out of expensive technology and AI names into more defensive sectors like healthcare.
Market sentiment has further soured after several Federal Reserve officials expressed doubts about another interest rate cut in December, causing investors to reduce their expectations for monetary easing. This risk-off environment has particularly impacted speculative assets like cryptocurrencies and related stocks.
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