This week, despite a sentiment-boosting inflation print that raised hopes for a rate hike pause, Bitcoin (BTC-USD) is plummeting closer and closer to its 100-day moving average mark of ~$26,000.
The Crypto bellwether is down 3.39% to $27,154 and has been forming lower highs and lower lows over the past month now. Ethereum (ETH-USD) too is down 3.90% to $1,799 today.
In an interesting development, Direxion, Bitwise Asset Mgmt., and Roundhill Investments have filed documents with the Securities and Exchange Commission for ETFs based on the second-largest cryptocurrency. This points to rising investor interest in the crypto space after this year’s rally.
While cryptocurrencies take a tumble, major names in crypto mining including Hut8 (NASDAQ:HUT), Riot Platforms (NASDAQ:RIOT) and Marathon Digital (NASDAQ:MARA) are also trending lower today.
HUT’s first quarter numbers today were characterized by a 64.4% plunge in the top line. The company generated C$0.47 in earnings per share on revenue of C$19 million for the quarter. Further, its BTC production nearly halved to 475 in Q1 with the total BTC stash with the company now standing at 9,133.
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