Bitcoin miners came under intense pressure on Thursday as a broader slump in crypto markets dragged down major industry stocks. The sell-off mirrored a retreat across other risk-sensitive assets, with investors remaining uneasy about the economic outlook after weeks of mixed signals from U.S. data and prolonged government dysfunction.
Shares of the largest publicly traded mining firms recorded steep losses. Bitdeer Technologies Group slumped more than 20%, while Bitfarms followed with a drop of about 17%. Cypher Mining was not spared, shedding around 13% on the day. Even MARA Holdings—currently holding the largest Bitcoin stack among miners—fell over 10% as the sector extended a multi-week downtrend.
The equities rout tracked the latest pullback in Bitcoin itself, which slipped below $99,000 for the first time since early May. At the time of reporting, the world’s biggest cryptocurrency was down roughly 3% in 24 hours at around $99,371, marking a nearly 22% decline from its peak set just over a month earlier. The weakness spread across the market, with Ethereum and Solana each sliding close to 7% to reach their lowest points in several months.
Other crypto-exposed firms also felt the impact. Galaxy Digital lost more than 12%, while retail-trading platform Robinhood and U.S. exchange giant Coinbase were down about 9% and 7%, respectively. Companies tied to digital asset treasuries also saw sharp declines. BitMine Immersion—the largest Ethereum treasury—fell nearly 10%, and Bitcoin Strategy shares dropped more than 6%.
The losses came alongside a broader downturn in traditional markets. The Nasdaq dipped 2.5%, while the S&P 500 fell 1.75% as investors trimmed exposure to technology and other high-beta sectors. Despite the longest government shutdown in U.S. history finally ending on Wednesday, uncertainty remained elevated. The shutdown delayed major economic releases, including the U.S. Consumer Price Index for October, which the Bureau of Labor Statistics was unable to complete.
Economists surveyed by The Wall Street Journal expect the October CPI to land near a 3% year-over-year increase—still above the Federal Reserve’s preferred 2% target. The central bank’s reluctance to signal rate cuts has kept markets on edge, especially as inflation remains stubborn and job market data grows more fragile. ADP’s real-time employment gauge showed U.S. employers shedding more than 11,000 positions per week through late October, while a separate Goldman Sachs analysis estimated a drop of 50,000 jobs in nonfarm payrolls for the month.
Market sentiment remains divided. On the Myriad prediction platform, 55% of participants expect Bitcoin to rebound toward $115,000 rather than fall toward $85,000. However, that ratio has shifted downward over the past 24 hours—reflecting growing caution among traders.
