Hut 8 Mining Corp, a leading cryptocurrency mining company, saw its stock plummet by 5.05% during Thursday's trading session. This decline was primarily driven by the broader sell-off in the crypto markets, triggered by the Federal Reserve's cautious outlook for interest-rate cuts.
The Federal Reserve raised interest rates for the third consecutive time, but tempered expectations for further rate reductions in 2025. Fed Chair Jerome Powell emphasized the need for more progress on inflation before considering additional monetary policy easing, which dampened investor sentiment towards speculative assets like cryptocurrencies and crypto-related stocks.
While Hut 8 Mining has achieved a significant milestone by surpassing Tesla as the fourth public company holding over 10,000 Bitcoin, this positive development was overshadowed by the broader market concerns regarding the Fed's stance and its potential impact on risk assets.
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