BitMine Immersion Technologies Inc. (BMNR) saw its stock price plummet by 10.07% during intraday trading, as the broader cryptocurrency market experienced a significant sell-off. The decline was part of a wider downturn in crypto-related stocks, driven by sharp drops in Bitcoin and Ether prices.

Bitcoin slid as much as 6% to below $86,000, while Ether dropped more than 7% to around $2,800, according to market data. This sell-off reflects heightened risk aversion among investors, with crypto stocks bearing the brunt of the negative sentiment. Other major players in the sector, including Bitfarms and Hut 8, also posted substantial losses.

The crypto market remains on shaky ground after weeks of volatility, with recent declines exacerbated by regulatory warnings and concerns over stablecoin stability. Traders are bracing for further turbulence as the Federal Reserve's monetary policy outlook adds to market uncertainty.