TeraWulf Inc. (WULF) stock plummeted 5.04% on Thursday during the trading session, underperforming the broader market. The decline came amidst volatility in cryptocurrency prices and crypto-related stocks following the Federal Reserve's policy meeting.
Bitcoin briefly dipped below $100,000 as the Fed signaled a cautious outlook on future interest rate cuts, hurting speculative assets like crypto. While the central bank lowered rates for the third straight time, Fed Chair Jerome Powell said more progress is needed on inflation before further policy easing.
The Fed's hawkish tone weighed on risk assets like stocks and crypto initially. However, crypto mining stocks including TeraWulf rallied in premarket trading before paring some gains later in the session. Analysts suggest investors may have taken profits after the recent rally fueled by positive crypto sector sentiment.
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