Bitcoin
Bitcoin Mining Stocks Tumble Amid Rising Treasury Yields
Listed crypto miners posted steep intraday losses, significantly amplifying minor pullbacks in spot Bitcoin and broad tech shares.
Shares of major Bitcoin mining companies dropped sharply in Thursday morning trading, outpacing declines in underlying benchmarks. Cipher Mining fell 6% to $15.92, while MARA Holdings and Riot Platforms each lost 4%, trading at $11.43 and $21.20 respectively.
The sector's outsized move contrasted with milder declines across reference assets, with the spot Bitcoin proxy iShares Bitcoin Trust slipping 1% and the tech-focused Invesco QQQ Trust shedding 0.76%. The divergence illustrates the group's inherent operational leverage and high-beta profile relative to digital asset prices and general equity sentiment.
Selling pressure coincided with broader macroeconomic headwinds, including the 10-year US Treasury yield touching 4.80% earlier in the week. Higher discount rates have continued to weigh on long-duration, high-beta equities across the market.
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