Cleanspark nasdaq Clsk Stock Plummets over 7 Whats Behind the Slide

CleanSpark (NASDAQ: CLSK) Stock Plummets Over 7%: What’s Behind The Slide?

CleanSpark (NASDAQ: CLSK) stock tumbled over 7% on Thursday, possibly due to a correlation with the decline in Marathon Digital Holdings (NASDAQ: MARA) shares and the cooling of the recent Bitcoin rally.

Shares of Marathon Digital (NASDAQ: MARA) fell over 16% on Thursday, leading to a downturn in mining companies. The company revealed its mixed fourth-quarter results after the closing bell on Thursday. However, HC Wainwright & Co. maintained their Buy rating on the stock and increased the price target from $24 to $35 following the announcement.

The broader crypto-mining sector reacted strongly to Marathon Digital’s results, coupled with the subdued performance of Bitcoin, currently trading at around $61,000.

Other Bitcoin mining stocks that witnessed declines include Bitfarms (NASDAQ: BITF) and Riot Platforms (NASDAQ: RIOT).

Earlier this week, CleanSpark unveiled its acquisition of three Bitcoin mining data centers in Mississippi. The company has verified that initial operations are already underway, propelling its operating hashrate to surpass 15 exahashes per second (EH/s).

CleanSpark (NASDAQ: CLSK) Stock Performance

CLSK stock plunged 7.52% to close at $16.72 on Thursday. The traders had exchanged hands with 61,538,547 (61.53 million) shares compared to the average daily trading volume of 32.20 million.

Bitcoin is down 2.42% over 24 hours at $60,904.58.