Bitcoin miners slide over 12% as inflation data sparks market selloff
Image: CointelegraphUS stocks posted their worst day since July after hotter‑than‑expected inflation data. The S&P 500 fell 1.1% and the Nasdaq dropped 1.9%, while Bitcoin mining companies saw sharp losses. TeraWulf, Core Scientific, Cipher Mining and IREN each declined around 12% in a single session. Consumer prices rose 3.7% year‑over‑year, prompting expectations of a Federal Reserve rate hike. Higher rates may raise borrowing costs for debt‑heavy AI infrastructure firms.
Key points
- The S&P 500 dropped 1.1% and the Nasdaq Composite fell 1.9%, their biggest one‑day declines since July.
- US consumer prices rose 3.7% year‑over‑year in September, above the Fed's 2% target.
- Higher interest rates could increase borrowing costs for AI infrastructure firms that rely heavily on debt.
Why it matters
The drop in miner stocks reflects sensitivity of crypto‑related firms to macroeconomic shocks. Elevated inflation and potential rate hikes could affect financing for both mining operations and AI data‑center projects.
What's unclear
The precise effect of the selloff on Bitcoin's price is not detailed in both reports.
The timing of a potential Federal Reserve rate hike remains uncertain.
Price context · BTC
At publication
$80,166.00
Now
$81,796.00
Change since
+2.03%
7 days · dashed line = publication
Sources · 2 publishers
Blockonomi
Tier 3
Bitcoin Miners Drop Over 12% as Hot Inflation Data Triggers Worst Stock Selloff Since July
Coverage timeline
- First reported by Cointelegraph
- Also reported by Blockonomi
- CryptoVideos brief published
How this page is checked. AI drafted this brief from selected independent reports. Automated checks compare numbers, source coverage and topic terms, but may miss errors. Publication and evidence refreshes run automatically. Read the linked reports for context. Report an error
