Bitcoin mining firm Bitfarm’s debut on the Nasdaq was not the best. In fact, even Bitfarm was overwhelmed by the drop in the price of Bitcoin.
Final result: a few days after its debut on the stock exchange, 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 $ 31,000.
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 MARA shares also experienced a day on a roller coaster, with ups and downs, but managed to stay above 27 dollars. On the contrary, today is expected to be negative with a loss of 3%. RIOT, on the other hand, managed to close yesterday’s turbulent day at $ 32.18.
Even Coinbase , that is the first exchange to be listed on the stock market yesterday suffered losses of around 5%, from 229 to 223 dollars.
Bitcoin falling, the consequences on the Nasdaq
Bitcoin is in dire straits these days . The attitude of China , which is increasingly hostile to mining activities and also to bitcoin trading in general, probably affects this trend .
This took BTC from $ 40,000 last week to $ 31,500 today, a 20% weekly loss.
Inevitably, bitcoin-related companies such as Bitfarm or Coinbase, listed on the stock exchange, have suffered. The price of their shares in fact also fell.
Bitfarm apparently chose the worst days to debut on the stock exchange , in conjunction with a general decline in the market.
However, China’s hostility to mining could be good for Bitfarm and BItcoin’s North American mining companies. In fact, China is accused of producing bitcoin using unclean energies.
On the contrary, North America is increasingly engaged in punished mining, this will also be used by the Bitcoin Mining Council . So perhaps China’s hostility to Bitcoin manufacturing activities could be good for the industry in general which could move towards sustainable mining.