The Key Reason Why Hut 8 Plunged 12% Today

As of 3:45 p.m. ET, shares of Hut 8 Corp. (NASDAQ: HUT) are down 12%, a move that's significantly larger than similar downside moves we've seen in the crypto space today. A top Bitcoin miner with significant exposure to the world's largest cryptocurrency, price fluctuations are certainly one reason for today's decline. The price of Bitcoin has once again slid below the key $90,000 mark. This decline of more than 28% from Bitcoin's recent peak is suggestive that investors are taking a much more risk-off approach to certain sectors. If Bitcoin's decline continues, companies that hold significant amounts of Bitcoin on their balance sheets (mostly Bitcoin treasury companies and Bitcoin mining firms like Hut 8) could see continued downside from here. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool