Bitfarms’ shares perform poorly on NASDAQ debut

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.

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Author: Hassan Maishera