Hut 8 Mining Stock (HUT): Why The Price Fell Today

By Amit Chowdhry ● Dec 6, 2021
  • The stock price of Hut 8 Mining Corp (Nasdaq: HUT) fell by over 12% pre-market today. This is why it happened.

The stock price of Hut 8 Mining Corp (Nasdaq: HUT) 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.

Hut 8 is known as one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. And Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly-traded company globally. 

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.