Stock Track | Bit Digital Plunges 11.21% in Pre-Market as Bitcoin Slides Below $97,000

Stock Track12-20

Bit Digital Inc., a bitcoin mining company, saw its stock plunge 11.21% in pre-market trading on Friday. This sharp decline coincided with a broader sell-off in the cryptocurrency market, with Bitcoin dropping below $97,000.

The primary catalyst for the sell-off appears to be the Federal Reserve's hawkish pivot on Wednesday, which dampened speculative zeal in risk assets like cryptocurrencies. Bitcoin, the leading cryptocurrency, fell over 10% from its record high earlier this week, weighing heavily on smaller tokens like Ether and Dogecoin as well.

Furthermore, a group of US exchange-traded funds investing directly in Bitcoin on Thursday saw a record outflow of $680 million, underlining the shift in market sentiment. The potential for reduced monetary policy loosening in the US has raised concerns among investors, leading to profit-taking in the crypto space.

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