Stock Track | IREN Ltd Plummets 5.01% Intraday Amid Broad Crypto Market Sell-Off

Stock Track

Feb 11

IREN Ltd's stock plummeted 5.01% during intraday trading on Wednesday, reflecting a sharp decline in the cryptocurrency sector.

The drop occurred as Bitcoin, the leading cryptocurrency, shed over $2,000 in value, trading down 3.5% to $66,814. Other crypto-related shares also fell in pre-market trading, with companies like Robinhood, Coinbase, and MARA experiencing significant declines.

Analysts attribute the broader crypto market weakness to investor caution ahead of key U.S. economic data releases, including payrolls figures and the upcoming CPI inflation report. Market participants are awaiting clarity on inflation and interest rate trends, leading to consolidation-driven trading rather than trend-driven movements in the cryptocurrency space.

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