Bitcoin Miners Plunge 13% as Nasdaq Composite Sees Worst Selloff Since July
IXIC sits 29% above its 52-week low of $20,690.249.
Summary
The Nasdaq Composite fell 1.9%, marking its largest one-day decline since July, as US stocks experienced their sharpest selloff in months. Bitcoin miners plunged up to 13%, with several major players seeing double-digit losses. This broad market downturn was triggered by hotter-than-expected US inflation data, which rose 3.7% in September, exceeding forecasts. The inflation report fueled expectations of an October Federal Reserve interest rate hike, impacting technology and AI infrastructure companies that rely on debt financing.
At the time of this announcement, IXIC was trading at $26,692.87 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,722.75. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Cointelegraph.