Bit Digital, Inc. (BTBT) plummeted 5.07% in pre-market trading on Monday, as crypto-related stocks were caught in a broad sell-off fueled by concerns over the Federal Reserve's hawkish policy outlook and the long-term security risks posed by quantum computing.
The slump in BTBT shares was part of a wider decline in the crypto sector, with major players like Canaan Inc. (CAN) falling 8%, MicroStrategy (MSTR) dropping 5%, and Riot Platforms (RIOT), CleanSpark, Inc. (CLSK), and Coinbase (COIN) all shedding around 4%.
According to analysts, the sell-off was driven by the Fed's cautious stance on future interest rate hikes, which tempered optimism over President-elect Donald Trump's pledge to embrace the crypto sector with friendly regulations and a national Bitcoin stockpile. The hawkish pivot by the central bank dampened the speculative spirits that had been unleashed in the crypto market following Trump's election victory.
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