Bitcoin miners lose momentum after record $94 billion market cap

Bitcoin mining stocks have dropped sharply by 7.68% after rallying to a total market cap of $94 billion two days ago.

Mining stocks have shown resilience in the past year, jumping from a market cap of $28 billion to $94 billion. That’s an increase of around 235% in only 12 months.

Investors have shown massive interest in mining companies. Last week, IREN Limited signed multi-year cloud services contracts for deploying Nvidia’s Blackwell GPUs. MARA Holdings has agreed to acquire a stake of 64% in Exaion, the company that specializes in operating high-performance computing (HPC) data centers.

Despite the positive sentiment, mining stocks have dropped sharply after a Bitcoin slide to under $108,000.

Miners sell Bitcoin

Bitcoin miners have been showing signs of selling pressure. Based on a report by Cryptopolitan, around 51,000 BTC, worth around $5.6 billion, were moved from miner wallets to exchanges starting October 9.

Two days ago, Bitcoin mining stocks reached double their value to $94 billion but dropped to $86.91 billion, based on data from Bitcoin Mining Stock. IREN Limited leads in the Bitcoin mining stock market with a market cap of $16.76 billion. The stock dropped by 9% and currently trades at $61.83.

The second spot is reserved for Applied Digital Corporation, with a market cap of $10.25 billion. The company stock, APLD, witnessed a slight reduction of around 3% to trade at $36.64. MARA Holdings is in the third position with a market cap of $7.51 billion. Its stock, MARA, has dropped significantly by 11.25% and currently trades at $20.27.

The crypto market fails to recover

Earlier in the week, the crypto market tried to recover from last Friday’s market crash, which caused the liquidation of over $19 billion. 

On October 10, Bitcoin was trading at $121,741. Traders were expecting a new all-time high, but the following day, the market crashed, and Bitcoin dropped to as low as $104,000 on some exchanges.

The crypto market tried to recover during the week. Bitcoin reached a top of around $115,000, while Ethereum hovered around $4,200. However, the momentum failed. At the time of writing, BTC is trading at $107,938, while ETH dropped to $3,870, based on real-time data from CoinGecko.

The global cryptocurrency market cap today is $3.76 trillion, a negative 2.18% change in the last 24 hours. The Fear and Greed Index is showing a market sentiment of “Fear” at a rate of 28.

Last week, Trump’s threats to impose an additional 100% tariff rate on China hurt crypto, stocks, and many commodities.

Bitcoin is still lagging behind global liquidity, while gold has reached a new all-time high of $30 trillion market cap.

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