TeraWulf Inc., a leading cryptocurrency mining company, saw its stock plunge 5.24% in pre-market trading on Friday, as the broader cryptocurrency market experienced a significant selloff, weighing heavily on mining-related stocks.
The catalyst for TeraWulf's decline was a slide in Bitcoin's price, which extended to more than 10% from its record high earlier this week. The original cryptocurrency dropped below $96,000 on Friday after setting an all-time high just above $108,000. Other major cryptocurrencies like Ethereum and Dogecoin also suffered substantial losses, with Ethereum falling below $3,300 for the first time since November 26.
The crypto market selloff was fueled by a shift in market sentiment, as the Federal Reserve's hawkish pivot on Wednesday dampened speculative zeal and reduced the scope for looser US monetary policy. As a result, a group of US exchange-traded funds investing directly in Bitcoin on Thursday snapped a 15-day streak of continuous inflows to post a record outflow of $680 million, underscoring the change in investor sentiment.
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