The debut of the Bitcoin mining company Bitfarm on the Nasdaq was not the best. In fact, even Bitfarm was overwhelmed by the falling price of Bitcoin.
Bottom line: a few days after its debut on the stock market, Bitfarm shares plummeted from $ 4.05 to a low of $ 3.90 and then closed the day at $ 3.96. All of this was happening as Bitcoin also went from $ 35,000 to $ 29,800.
Bitfarm is just the latest Bitcoin-related company to debut on the stock exchange. Marathon Patent Group and Riot Blockchain are already listed in the same operating segment.
Yesterday the MARA shares they also had a rollercoaster day, with ups and downs, but managed to stay above $ 27. On the contrary, today it is expected to be negative with a loss of 3%. RIOT, on the other hand, it managed to close yesterday's turbulent day at $ 32.18.
Even Coinbase, which is the first stock market to go public yesterday, suffered losses of about 5%, from $ 229 to $ 223.
Bitcoin falling, the consequences on the Nasdaq
Bitcoin is in dire straits these days. China's attitude, which is increasingly hostile to mining activities and also to bitcoin trading in general, is likely to affect this trend.
This took BTC from $ 40,000 last week to $ 29,500 today, a 20% weekly loss.
Inevitably, Bitcoin-related companies like Bitfarm or Coinbase, which are publicly traded, have suffered. In fact, the price of its shares also fell.
Bitfarm apparently chose the worst days to debut on the stock market, along with a general decline in the market.
However, China's hostility towards mining could be good for the North American mining companies Bitfarm and Bitcoin. In fact, China is accused of producing bitcoins using unclean energy.
On the contrary, North America is increasingly involved in mining punished, this will also be used by the Bitcoin Mining Council. So perhaps China's hostility towards Bitcoin mining activities could be good for the industry as a whole, which could move towards sustainable mining.
