Stock Track | IREN Ltd Plummets 5.05% Intraday as Bitcoin Decline Drags Down Crypto Shares

Stock Track03-27

IREN Ltd's stock plummeted 5.05% during intraday trading on Friday, mirroring a broad decline across the cryptocurrency sector.

The drop comes as Bitcoin fell below $67,000, touching its lowest level in over two weeks. Traders adopted a defensive posture following the largest expiry of Bitcoin options this year, with approximately $14 billion in contracts expiring. Market sentiment turned bearish amid concerns about a prolonged Middle East conflict, potential stagflation, and the possibility of forced rate hikes.

Increased demand for downside protection was evident, with the put/call ratio rising to 1.3, indicating heightened anxiety heading into the weekend. The decline in Bitcoin, which fell as much as 4% to $66,223, pressured shares of cryptocurrency-related companies across the board.

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