Bitfarms Ltd. (BITF), a leading crypto mining company, saw its stock plummet 5.24% in Monday's trading session. This decline was part of a broader sell-off in crypto-related stocks, fueled by Bitcoin's struggle to maintain its recent rally above the $100,000 mark.
The world's largest cryptocurrency, Bitcoin, slid 1.3% to $98,585 on Monday, trading more than 5% off its previous record high of $103,853 reached last week. Despite breaking through the six-figure mark for the first time on December 4th, after President-elect Donald Trump nominated crypto advocate Paul Atkins to lead the Securities and Exchange Commission, Bitcoin has struggled to sustain its momentum.
The sell-off in crypto stocks was widespread, with major players like Riot Platforms (RIOT) dropping 10%, Coinbase (COIN) falling 7%, Canaan (CAN) and MARA Holdings (MARA) declining 6%, CleanSpark (CLSK) down 5%, and MicroStrategy (MSTR) dropping 4%. These declines suggest that investors are concerned about the sustainability of the recent crypto rally and the potential impact on mining companies like Bitfarms Ltd.
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