The shares of Bitfarms plummeted after the company debuted on the NASDAQ stock exchange, thanks to the current bearish trend in the cryptocurrency market.
The shares of renewable, energy-focused BTC mining firm Bitfarms (BITF) have dipped since it debuted on the NASDAQ stock exchange. The company’s stock price declined by over 8% over the past few hours, with the broader cryptocurrency market still in its bearish trend.
The company’s shares began trading at $4.04 and quickly rose to a high of $4.11 as traders and investors welcomed it to the market. However, the rally didn’t continue, with Bitfarms’ shares tumbling to a low of $3.90 afterward.
The decline in Bitfarms’ shares came as the broader cryptocurrency market lost over $300 billion following China’s latest crackdown on crypto trading and mining activities. Bitcoin, the leading cryptocurrency by market cap, is down by roughly 50% from its all-time high price of $65k achieved a few weeks ago.
Ether is also trading below the $2,000 mark for the first time in weeks. The latest market crash saw the total cryptocurrency market cap slip to $1.2 trillion, down from $1.5 trillion. The shares of publicly-listed cryptocurrency mining farms have suffered in recent months, thanks to the various restrictions in countries like China and Iran.
Marathon Digital Holdings’ (MARA) stock price is down by 51% from its all-time high of $56.50. It is currently trading at $27.83 on the NASDAQ stock exchange. Hive Blockchain (HIVE) is also down by 57% from its February high price of $5.50, and it is currently trading at $2.38 per share.
Several provinces in China have recently banned cryptocurrency mining activities, resulting in the decline of Bitcoin’s hashrate over the past few days. China accounts for nearly 65% of Bitcoin’s mining activities, and the recent ban could see other countries try to attract the crypto mining farms.