© Reuters. Why Bitcoin-, Ethereum- And Litecoin-Associated Inventory Bitfarms Is Getting Hammered
Bitfarms Ltd (NASDAQ: BITF) shares are buying and selling decrease by 9.22% to $1.28 Tuesday afternoon. Shares of crypto-related shares are buying and selling decrease amid a drop in (CRYPTO: BTC) and (CRYPTO: ETH) costs.
Cypto-related shares at massive are buying and selling decrease after August CPI information confirmed greater-than-expected US inflation, which has prompted financial considerations and raised expectations for aggressive Fed coverage. Cryptocurrencies have been seen by some traders as a speculative hedge in opposition to inflation and the Fed’s plans to curb inflation might weigh on the broader cryptocurrency sector.
What Occurred?
In line with information from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.3% in August, down from 8.5% in July. The August CPI studying got here in above common economist estimates of 8%.
Core inflation, which excludes risky meals and power costs, was up 6.3% in August, above common economist estimates for a 6.1% achieve…Learn Extra
In line with information from Benzinga Professional, Bitfarms has a 52-week excessive of $9.36 and a 52-week low of $1.04.
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