Bitcoin mining stocks plunged 7.68% after rising to a market cap of $94 billion two days ago.
mining stocks are shown resilience in last year, jump from market cap of $28 billion to $94 billion. This is an increase of approximately 235% in just 12 months.
Investors are showing a lot of interest in mining companies. Last week, IREN Limited signed a multi-year cloud services agreement to deploy Nvidia's Blackwell GPUs. MARA Holdings is stake of 64% in Exion; of company specialize in it in operating High performance computing (HPC) data center.
Despite the positive momentum, mining stocks plunged after Bitcoin fell below $108,000.
Miners sell Bitcoin
Bitcoin miners are showing signs of selling pressure. based on be report Written by Cryptopolitan around it 51,000BTC, value It was about $5.6 billion Moved From October 9th, from minor wallet to exchange.
Two days ago, Bitcoin mining stocks doubled in value to Based on data from Bitcoin Mining Stocks, it was $94 billion but fell to $86.91 billion. IREN Limited leads the Bitcoin mining stock market with a market capitalization of $16.76 billion. The stock has fallen 9% and is currently trading at $61.83.
In second place is Applied Digital Corporation, with a market capitalization of $10.25 billion. The company's stock APLD fell about 3% to trade at $36.64. MARA Holdings is in third place with a market capitalization of $7.51 billion. The company's stock MARA has fallen 11.25% and is currently trading at $20.27.
Market capitalization heat map. Source: BitcoinMiningStock.
The virtual currency market will not recover
At the beginning of the week cryptocurrency market I tried it To recover from last Friday's market crash, caused More than $19 billion in liquidations.
On October 10th, Bitcoin was trading at $121,741. Traders had hoped for a new all-time high, but the market crashed the next day, with Bitcoin falling to as low as $104,000 on some exchanges.
Cryptocurrency markets attempted to recover during the week. Bitcoin reached an all-time high of around $115,000, while Ethereum hovered around $4,200. However, that momentum ended in failure. Based on real-time, BTC is trading at $107,938 at the time of writing, while ETH has fallen to $3,870. data From CoinGecko.
The current global cryptocurrency market capitalization is $3.76 trillion. negative 2.18% change within the last 24 hours. The Fear and Greed Index shows market sentiment is 28 with a “fear” rating.
Last week, President Trump's threat to impose additional 100% tariffs on China dealt a blow to cryptocurrencies, stocks, and many commodities.
Although Bitcoin still lags behind global liquidity, gold Market capitalization reached an all-time high of $30 trillion.
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