Shares of Applied Digital Corp (APLD) fell sharply intraday on Friday, plummeting 5.04% amid a broad selloff in cryptocurrency-related stocks.
The decline followed a drop in Bitcoin below $67,000, driven by the largest options expiry this year and increased bearish sentiment among traders. Approximately $14 billion in Bitcoin options expired, with traders hedging against declines amid concerns over prolonged geopolitical tensions and potential economic stagflation. This led to a sector-wide downturn affecting crypto mining and blockchain infrastructure companies.
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