- The stock price of Bitfarms Ltd (NASDAQ: BITF) fell by over 12% pre-market today. This is why it happened.
The stock price of Bitfarms Ltd (NASDAQ: BITF) fell by over 12% pre-market today. There are no company-specific reports or filings that are associated with the decline so it appears there are external factors at play.
In this case, it appears that the activity in cryptocurrencies is causing the decline. Over the past week, the price of Bitcoin fell about 16% and it fell over 2.5% between 12 AM ET and 5:12 AM ET today. Ethereum and Dogecoin also both fell more than 4% today during the same time.
The drop in cryptocurrencies is being driven by uncertainties over the Federal Reserve inching towards tighter monetary policies at a time while inflation is climbing. Plus there are investor fears being caused by the Omicron variant of COVID-19.
Bitfarms is a blockchain infrastructure company that mines cryptocurrency coins and tokens in North America. And the company owns and operates server farms comprising computers that primarily validate transactions on the Bitcoin Blockchain and earn cryptocurrency from block rewards and transaction fees. Plus they also provide hosting of third-party mining hardware.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.