Last night, U.S. stocks plunged, and among the hardest-hit companies were, surprisingly, mining firms that had shifted from Bitcoin mining to AI data centers.
At the close of U.S. markets on November 5, the Nasdaq plunged 5.5%, Nvidia fell 9.3%, and the semiconductor index tumbled about 12%.
Crypto-related stocks didn't escape the sell-off either. Cipher Mining fell about 14.4%, IREN dropped 14.3%, Bitdeer declined 14.1%, and Coinbase and Strategy also faced heavy selling.
Meanwhile, Bitcoin fell below $76,000, down about 5.2% in 24 hours, while ETH dropped 7.5%.
What makes this sell-off interesting is that many mining firms had previously gained new valuation potential by transitioning to AI data centers. Now, however, they're facing the double pressure of falling valuations in the AI sector and a downturn in the crypto market.
The market is concerned that the outcome of the U.S. midterm elections could affect data center expansion, while the tech stock sell-off has also spread to crypto assets.
BTC, which had been expected to offer a safe haven, still fell along with the Nasdaq this time. The risk correlation between U.S. stocks and the crypto market is far tighter than many people imagine.
#美股走弱，加密货币市场普遍承压
At the close of U.S. markets on November 5, the Nasdaq plunged 5.5%, Nvidia fell 9.3%, and the semiconductor index tumbled about 12%.
Crypto-related stocks didn't escape the sell-off either. Cipher Mining fell about 14.4%, IREN dropped 14.3%, Bitdeer declined 14.1%, and Coinbase and Strategy also faced heavy selling.
Meanwhile, Bitcoin fell below $76,000, down about 5.2% in 24 hours, while ETH dropped 7.5%.
What makes this sell-off interesting is that many mining firms had previously gained new valuation potential by transitioning to AI data centers. Now, however, they're facing the double pressure of falling valuations in the AI sector and a downturn in the crypto market.
The market is concerned that the outcome of the U.S. midterm elections could affect data center expansion, while the tech stock sell-off has also spread to crypto assets.
BTC, which had been expected to offer a safe haven, still fell along with the Nasdaq this time. The risk correlation between U.S. stocks and the crypto market is far tighter than many people imagine.
#美股走弱，加密货币市场普遍承压
