Hut 8 Mining Corp, a cryptocurrency mining company, witnessed a pre-market plunge of 5.92% on Friday, December 20, 2024. This drop came amidst a broader selloff in the cryptocurrency market, with Bitcoin sliding more than 10% from its recent record highs.
Bitcoin, the world's largest cryptocurrency, fell below $96,000 on Friday after setting an all-time high above $108,000 earlier in the week. The downturn weighed heavily on smaller tokens like Ether and Dogecoin, as well as crypto-related stocks. Hut 8 Mining Corp, which specializes in mining and holding Bitcoin, was among the firms affected by the broader market sentiment.
The selloff in cryptocurrencies and related stocks was attributed to the Federal Reserve's recent hawkish pivot, which dampened speculative zeal in risk assets. As a crypto mining company, Hut 8's stock price is closely tied to the performance of Bitcoin and other digital currencies. The company's pre-market plunge reflects investor concerns about the potential impact of the Bitcoin selloff on its operations and profitability.
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