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Why Bitcoin-, Ethereum- And Litecoin-Related Stock Bitfarms Is Getting Hammered

Bitfarms Ltd (NASDAQ: BITF) shares are trading lower by 9.22% to $1.28 Tuesday afternoon.

Benzinga · 09/13/2022 15:15

Bitfarms Ltd (NASDAQ:BITF) shares are trading lower by 9.22% to $1.28 Tuesday afternoon. Shares of crypto-related stocks are trading lower amid a drop in Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) prices.

Cypto-related stocks at large are trading lower after August CPI data showed greater-than-expected US inflation, which has caused economic concerns and raised expectations for aggressive Fed policy. Cryptocurrencies have been seen by some investors as a speculative hedge against inflation and the Fed's plans to curb inflation could weigh on the broader cryptocurrency sector.

What Happened?

According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.3% in August, down from 8.5% in July. The August CPI reading came in above average economist estimates of 8%.

Core inflation, which excludes volatile food and energy prices, was up 6.3% in August, above average economist estimates for a 6.1% gain...Read More

See Also: Here's How Much You'd Have Right Now If You Invested $1,000 In Apple Shares When Steve Jobs Resigned As CEO In 2011

According to data from Benzinga Pro, Bitfarms has a 52-week high of $9.36 and a 52-week low of $1.04.