Cryptocurrency Miners Experiencing a Downturn Amidst New Nasdaq Regulations Triggering Stock Market Selling
In the world of cryptocurrencies, Thursday saw a significant downturn for several major players, while one project, Best Wallet, continues to garner attention with its ongoing presale.
The policy shift announced by Nasdaq, aimed at curbing attempts to boost valuations by rebranding into crypto-focused stocks, has created uncertainty for firms seeking to rapidly build strategic crypto reserves. As a result, many companies saw intraday losses.
Riot Blockchain (RIOT) dipped 1.33%, Strategy (MSTR) and Bitmine Immersion (BMNR) experienced significant losses, with RIOT, MSTR, and BMNR closing the day in the red. Similarly, Marathon Digital (MARA) fell 4.41% to $15.19, TeraWulf (WULF) slipped 1.61%, and Hut 8 Mining (HUT) saw a decline of 5.57%.
Data from Companiesmarketcap showed that all top nine publicly listed miners booked losses for the day. Iris Energy (IREN) declined 7.39% to $26.12, while Bitdeer Technologies (BTDR) slid 4.90%. Core Scientific (CORZ) closed 0.15% lower.
However, amidst this market downturn, one project, Best Wallet, has managed to stand out. The company behind Best Wallet, which has raised over $15 million during its current presale, is the force behind the Best Wallet Token (BEST). This utility token, offering benefits such as reduced trading fees and high staking rewards, is a key component of the Best Wallet ecosystem, optimized for state-of-the-art, multi-chain crypto asset management.
Bitcoin (BTC) also experienced a dip, falling 2% intraday before recovering near $110,000 at press time. Cipher Mining (CIFR) dropped 7.46%, while CleanSpark (CLSK) retreated to $9.08.
According to The Information, Nasdaq could suspend trading or delist companies that fail to comply with the new measures. The stricter oversight aims to ensure transparency and accountability in the rapidly evolving cryptocurrency market.
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