Bitcoin Mining Stocks with AI Ambitions Drop 20%-30% Amid Nvidia-Led Market Turmoil
Bitcoin mining stocks tied to artificial intelligence (AI) infrastructure faced steep declines, mirroring Nvidia’s dramatic 17% drop. Analysts suggest this selloff may present a strategic entry point for traders eyeing high-beta altcoins like Solana (SOL), which saw double-digit losses.
Key Market Movements
- Bitcoin (BTC): Briefly recovered to $101,500 after hitting lows near $98,000, still down 3% over 24 hours.
- CoinDesk 20 Index: Fell 5.6%, dragged by AI-linked tokens (RNDR, FIL) and Solana’s 10% slump.
- Liquidations: Nearly $1 billion in leveraged crypto positions wiped out (CoinGlass data).
Tech Stock Correlation
The Nasdaq sank 3%, with Nvidia losing $465 billion in market value. Bitcoin’s tight correlation with tech stocks underscores its sensitivity to macroeconomic trends, noted Geoffrey Kendrick of Standard Chartered.
Crypto-Adjacent Stocks Under Pressure
- Coinbase (COIN): -6.7%.
- Galaxy Digital (GXY): -15.8%.
- MicroStrategy (MSTR): Relatively stable at -1.5%.
Mining Sector Carnage
AI-focused miners bore the brunt:
| Miner | Ticker | Decline (%) |
|----------------|--------|------------|
| Core Scientific | CORZ | 25–30 |
| TeraWulf | WULF | 25–30 |
| Bitdeer | BTDR | 25–30 |
| Cipher Mining | CIPH | 25–30 |
Analyst Insight:
"The crypto and AI markets were ripe for correction after overpricing optimism. Earnings from Nvidia and Fed policy decisions will be critical next catalysts."
— Aurelie Barthere, Nansen
Altcoin Opportunities
Barthere highlights Solana (SOL) as a potential rebound candidate due to its higher volatility and recent steep decline.
FAQ Section
Q: Why did Bitcoin mining stocks crash?
A: The selloff followed Nvidia’s plunge and skepticism about miners’ viability as AI data center providers.
Q: Is now a good time to buy altcoins like Solana?
A: Analysts suggest the dip may offer entry points, especially for high-beta tokens with strong fundamentals.
Q: How does Nvidia’s performance affect crypto?
A: Nvidia’s slump triggered broader tech selloffs, impacting Bitcoin due to its correlation with Nasdaq and AI-linked crypto projects.
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