Stock Track | CleanSpark Tumbles 5% Pre-Market as Bitcoin Plunges on Fed's Hawkish Pivot

Stock Track12-20 20:02

CleanSpark, Inc. (CLSK) plunged 5.04% in the pre-market trading session on Friday, as the cryptocurrency mining company's stock was caught in the broader crypto market sell-off triggered by the Federal Reserve's hawkish stance and concerns over tighter monetary policy.

Bitcoin, the world's largest cryptocurrency, extended its slide from a record high earlier this week, dropping below the $95,000 mark for the first time since December 10th. The sell-off in Bitcoin weighed heavily on smaller tokens like Ether and Dogecoin, as well as crypto-related stocks.

The Federal Reserve's hawkish pivot on Wednesday, which signaled a potential faster pace of interest rate hikes, dampened speculative zeal in the crypto market. CleanSpark, as a Bitcoin mining company, saw its stock price directly impacted by Bitcoin's price movements. Other crypto-related stocks also suffered losses in pre-market trading, with Riot Platforms, Marathon Digital Holdings, Hut 8 Mining, and Canaan Inc. all declining.

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