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ZEC $1,095 Bitcoin miners fall over 12% as inflation data triggers tech selloff
Major crypto mining stocks dropped alongside broader technology shares after hotter-than-expected US inflation data.
Key takeaways
- Miners led the decline. TeraWulf fell 12.64%, Core Scientific dropped 12.44%, Cipher Mining fell 12.35% and IREN lost 12.2%.
- Broad market pressure. The S&P 500 fell 1.1% and the Nasdaq Composite fell 1.9%, both their worst days since late July.
- Inflation outpaced expectations. US consumer prices rose 3.7% in September, exceeding the 3.6% forecast and well above the Fed's 2% target.
What happened
US equity markets tumbled on Wednesday after inflation came in hotter than expected. The S&P 500 fell 1.1% and the Nasdaq Composite dropped 1.9%, marking the worst day for both indices since late July. Bitcoin miners caught in the downdraft posted losses between 12% and 13%. TeraWulf fell 12.64%, Core Scientific dropped 12.44%, Cipher Mining fell 12.35% and IREN lost 12.2%.
Data center and AI infrastructure stocks suffered broader losses. CoreWeave fell 16%, Nebius dropped 11% and Oracle declined 9%. Of the 23 AI infrastructure stocks tracked by an industry index, 21 fell on the day with an average loss of 7.46%.
First $84.4KLatest $81.2K-3.9% over the period
Points are daily observations, not closing prices.
Why it matters
The selloff was driven by inflation data showing US consumer prices rose 3.7% in September compared with a year earlier, exceeding economist expectations of 3.6% and sitting well above the Federal Reserve's 2% target. The hotter-than-expected reading raised expectations that the Fed could hike interest rates in October. Higher rates increase borrowing costs for companies relying on debt to finance expansion, particularly data center operators and AI infrastructure firms that Bitcoin miners have increasingly invested in.
Questions readers ask
Why did Bitcoin miners fall so sharply?
Bitcoin miners fell alongside broader technology and AI infrastructure stocks after US inflation data came in hotter than expected. The report raised expectations of a potential Federal Reserve interest rate hike, which would increase borrowing costs for companies relying on debt to finance operations.
How bad was the market selloff?
The S&P 500 fell 1.1% and the Nasdaq Composite dropped 1.9%, both marking their worst single days since late July.
What triggered the market decline?
US consumer prices rose 3.7% in September, exceeding economist forecasts of 3.6% and sitting well above the Fed's 2% inflation target. Higher gasoline prices linked to the Middle East conflict were cited as the main driver.
