Bitfarms Ltd. (BITF) saw its stock plummet by 5.24% in the latest 24-hour trading session, as the cryptocurrency market faced a significant downturn. The decline comes amid a broader sell-off in crypto-related stocks, triggered by Bitcoin's fall below the $90,000 mark for the first time in seven months.

The world's largest cryptocurrency, Bitcoin, experienced a drop of up to 2% during Asian trading hours, continuing its descent from the record high of over $126,000 set in early October. This decline has effectively erased Bitcoin's gains for 2025 and has sent shockwaves through the digital asset sector. Other crypto stocks, including IREN, Cipher Mining, Riot Platforms, and Coinbase, also saw notable declines ranging from 2% to 4%.

The cryptocurrency market's downturn is attributed to several factors, including rising economic headwinds and renewed concerns over interest rate policies. As traders reassess the likelihood of a Federal Reserve interest rate cut in December and stock markets retreat from recent highs, risk appetite has soured across speculative markets. This shift in market sentiment has left Bitcoin and related stocks, including Bitfarms, vulnerable to further downside pressure.