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Market bloodbath hits crypto sector as BTC tumbles over 5%
The entire crypto equity space took a beating today. Bitcoin itself dropped 5.4%, dragging down everything in its orbit. Mining operations got crushed particularly hard—MARA Holdings shed 7.7%, Bitfarms fell 8.3%, while Hut 8 Mining and Riot Platforms weren't far behind at 6.3% and 5.6% respectively.
A major compliant trading platform slipped 5.2%. Even the ETF products couldn't escape the carnage—ProShares Bitcoin Strategy ETF and iShares Bitcoin Trust both closed down 5%.
This synchronized selloff shows just how tightly correlated the crypto ecosystem remains. When BTC sneezes, miners and infrastructure plays catch pneumonia.