CleanSpark, Inc. (CLSK), a cryptocurrency mining company, experienced a sharp pre-market decline of 9.94% on Monday, November 12th, 2024, following a broader sell-off in the crypto markets.
The drop in CleanSpark's stock price was closely tied to the performance of Bitcoin, which fell below $88,000 after briefly surpassing the $90,000 mark over the weekend. Bitcoin's surge had been fueled by the anticipation of a more crypto-friendly environment under the newly elected Trump administration, which had promised to make the United States the "crypto capital of the planet" and accumulate a national stockpile of the digital currency.
However, as the initial euphoria surrounding Trump's victory cooled off, investors began taking profits, leading to a sell-off in crypto-related stocks like CleanSpark. Other crypto mining companies, such as Marathon Digital, Riot Platforms, and Canaan, also experienced declines in pre-market trading, reflecting the broader market sentiment.