Bitcoin
Bitcoin Mining Stocks Drop up to 13% Amid Broad Technology Sector Selloff
Shares of Bitcoin mining companies declined sharply following higher-than-expected US inflation data that pressured debt-reliant infrastructure firms.
Bitcoin mining equities experienced sharp declines on Wednesday, with several major firms dropping more than 12% during Wall Street's most significant market retreat since July. TeraWulf fell 12.64%, Core Scientific dropped 12.44%, Cipher Mining lost 12.35%, and IREN declined 12.2%, while Riot Platforms, Bitdeer Technologies, MARA, and CleanSpark also posted losses.
The selloff followed the release of September United States consumer price index data, which rose 3.7% year-over-year compared to expectations of 3.6%, driven largely by higher gasoline prices. The broader equities market retreated as well, with the S&P 500 falling 1.1% and the Nasdaq Composite losing 1.9%, pressured by concerns that higher interest rates would raise borrowing costs for capital-intensive data center and artificial intelligence infrastructure expansions.
Following the inflation report, market expectations for a Federal Reserve rate hike in October briefly topped 50%. However, San Francisco Federal Reserve President Mary Daly stated to Reuters that while additional tightening might eventually be required to control inflation, there was no immediate urgency for central bank policymakers to act during the month.
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