Bitfarms Ltd. (BITF) shares witnessed a significant pre-market plunge of 5.33% on Friday, following the broader cryptocurrency market downturn. The decline in Bitfarms' stock price can be attributed to the recent slide in Bitcoin's value, which fell below the $95,000 mark for the first time since December 10.
The cryptocurrency market experienced a selloff, with Bitcoin, the world's largest digital currency, dropping more than 10% from its record high achieved earlier this week. The downturn also affected other major cryptocurrencies like Ethereum, which fell below $3,300, and Dogecoin.
Analysts suggest that the reduced scope for looser US monetary policy, signaled by the Federal Reserve's recent hawkish pivot, has dampened speculative zeal in the cryptocurrency market. As a result, various crypto-related stocks, including Bitfarms, witnessed a decline in their pre-market trading sessions.
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