Bitcoin Mining Stocks Slide Up to 13% as Hot Inflation Rattles Wall Street

Wall Street had its roughest session in months on Wednesday, and companies tied to crypto mining and artificial intelligence took a heavy share of the damage. A stronger than expected inflation reading pushed investors away from growth stocks that depend on cheap money.

Stock Market Selloff: How Major Indexes Performed

BTC dropped to $80,000, The S&P 500 closed 1.1% lower, its worst day since July 29. The Nasdaq Composite dropped 1.9%, its steepest one day loss since July 23, while the Dow Jones Industrial Average slipped only 0.1%. Among large technology names,

Bitcoin Miners Hit Hard by AI Infrastructure Sell-Off

Miners that have moved into AI data center work were pulled down with the group. TeraWulf fell 12.64%, Core Scientific lost 12.44%, Cipher Mining dropped 12.35% and IREN declined 12.2%. Riot Platforms, Bitdeer Technologies, MARA and CleanSpark also closed lower. Many of these firms use heavy borrowing to fund data center growth, so higher interest rates could raise their financing costs.

US Inflation Data and Fed Rate Hike Expectations

US consumer prices rose 3.7% in September from a year earlier, above the 3.6% economists had forecast and far from the Fed’s 2% target. Higher gasoline prices linked to the Middle East war were the main driver.