Stock Track | Bit Digital (BTBT) Plunges 6.87% in Pre-Market on Bitcoin Sell-Off Amid Economic Concerns

Stock Track

Jan 08, 2025

Bit Digital, Inc. (BTBT), a bitcoin mining company, experienced a significant pre-market plunge of 6.87% on Wednesday. The decline was driven by a broader sell-off in the cryptocurrency market, particularly Bitcoin, which dropped below the $97,000 mark.

The sell-off was fueled by a series of positive U.S. economic indicators that raised fears of potential inflation resurgence. Stronger-than-expected job openings data and an acceleration in services sector activity, coupled with rising input prices, pointed towards a robust economy. This pushed benchmark 10-year Treasury yields higher, weighing on risk assets like cryptocurrencies and their associated stocks.

As a bitcoin mining company, Bit Digital's fortunes are closely tied to the performance of Bitcoin and the broader cryptocurrency market. With over $555 million worth of positions being liquidated, the sell-off in cryptocurrencies had a direct impact on Bit Digital's stock price during the pre-market trading session.

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(BTBT), a bitcoin mining company, experienced a significant pre-market plunge of 6.87% on Wednesday. The decline was driven by a broader sell-off in the cryptocurrency market, particularly Bitcoin, which dropped below the $97,000 mark.</p>\n\n<p>The sell-off was fueled by a series of positive U.S. economic indicators that raised fears of potential inflation resurgence. Stronger-than-expected job openings data and an acceleration in services sector activity, coupled with rising input prices, pointed towards a robust economy. This pushed benchmark 10-year Treasury yields higher, weighing on risk assets like cryptocurrencies and their associated stocks.</p>\n\n<p>As a bitcoin mining company, Bit Digital's fortunes are closely tied to the performance of Bitcoin and the broader cryptocurrency market. With over $555 million worth of positions being liquidated, the sell-off in cryptocurrencies had a direct impact on Bit Digital's stock price during the pre-market trading session.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BTBT","symbol_name":"Bit Digital, Inc.","start_time":0,"source_url":"","article_id":"1193555921","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1193555921","pubTimestamp":1736347231,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Bit Digital, Inc. , a bitcoin mining company, experienced a significant pre-market plunge of 6.87% on Wednesday. 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