Stock Track | Bitfarms Ltd. Plunges 5.33% in Pre-Market as Bitcoin Price Slides

Stock Track12-20 20:02

Bitfarms Ltd. (BITF) shares witnessed a significant pre-market plunge of 5.33% on Friday, following the broader cryptocurrency market downturn. The decline in Bitfarms' stock price can be attributed to the recent slide in Bitcoin's value, which fell below the $95,000 mark for the first time since December 10.

The cryptocurrency market experienced a selloff, with Bitcoin, the world's largest digital currency, dropping more than 10% from its record high achieved earlier this week. The downturn also affected other major cryptocurrencies like Ethereum, which fell below $3,300, and Dogecoin.

Analysts suggest that the reduced scope for looser US monetary policy, signaled by the Federal Reserve's recent hawkish pivot, has dampened speculative zeal in the cryptocurrency market. As a result, various crypto-related stocks, including Bitfarms, witnessed a decline in their pre-market trading sessions.

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Plunges 5.33% in Pre-Market as Bitcoin Price Slides\n</h2>\n\n<h4 class=\"meta\">\n\n2024-12-20 20:02 北京时间&nbsp;&nbsp;&nbsp;<strong>Stock Track</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitfarms Ltd. (BITF) shares witnessed a significant pre-market plunge of 5.33% on Friday, following the broader cryptocurrency market downturn. 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