Bitfarms’ shares fell on the current bearish trend in the cryptocurrency market after the company debuted on the NASDAQ stock exchange.
Renewable energy-focused BTC mining company Bitfarms (BITF) has stocks down since it debuted on the NASDAQ stock exchange. The company’s share price has fallen over 8% in the past few hours, with the broader cryptocurrency market still on a 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 them to the market. The rally did not continue, however, as Bitfarms shares subsequently fell to a low of $ 3.90.
The decline in Bitfarms shares was due to the broader cryptocurrency market dropping over $ 300 billion following China’s recent crackdown on crypto trading and mining activities. Bitcoin, the leading cryptocurrency by market capitalization, is down about 50% from its all-time high of $ 65,000 a few weeks ago.
Ether is also trading below the $ 2,000 mark for the first time in weeks. The recent market crash caused the total market capitalization of cryptocurrencies to drop from $ 1.5 trillion to $ 1.2 trillion. The stocks of listed cryptocurrency mining farms have suffered in recent months thanks to various restrictions in countries like China and Iran.
Marathon Digital Holdings (MARA) share price is down 51% from its all-time high of $ 56.50. It is currently trading at $ 27.83 on the NASDAQ exchange. Hive Blockchain (HIVE) is also down 57% from its February high of $ 5.50 and is currently trading at $ 2.38 per share.
Several provinces in China recently banned the mining of cryptocurrencies, which has caused Bitcoin’s hashrate to decline in recent days. China accounts for almost 65% of Bitcoin’s mining activity, and the recent ban could lead other countries to try to attract the crypto mining farms.