This Tech Stock Fell 7.3% on Tuesday
tech stocks have taken a hit since the Middle East attacks escalated, and one stock in particular is being hit hard right now.
During Tuesday’s trading session, Bitdeer Technologies Group (BTDR), listed on the Nasdaq stock index, dropped by 7.3% and was trading at a low of $7.26 per share.
Bitdeer Technologies provides software and computing solutions for crypto miners as well as cryptocurrency traders. As Wednesday’s trading starts up, the stock has now fallen 11.37% and continues to decline. What is causing such a sharp drop from this cryptocurrency technology company?
Bitdeer was mentioned recently on analytical reports, with some firms calling for investors to buy once the price hits $14. Several analytical firms covered the company over the past couple months and recommended buying it at different price points, but now the company’s stock price is plummeting fast.
In August, the company released its quarterly report, and they missed the estimated earnings per share by just $0.03. The company reported a negative return on equity of 2.56%, and their revenue for the quarter fell short of estimates as well by about $11 million.
Where Did Bitdeer Go Wrong?
Bitdeer is likely being hit by the same wave of negative sentiment that is affecting much of the stock market right now. All three major stock market indices are down since reports have come in of heightened attacks in the Middle East. The assassination of a key figure in the Hezbollah political military organization has cause increased fighting and threats between Israel and Iran. The stock market took a sharp downturn as a result.
The stock index hit the hardest by the news was the tech-centric Nasdaq Composite, on which Bitdeer Technologies is traded. Tech stocks will tend to be impacted more by news like this because investors are more likely to pull away from them when real world tragedy hits. These kinds of stocks are considered more volatile during times like these, so it makes sense that smaller tech companies like Bitdeer will suffer a large part of the impact.
What could help Bitdeer considerably is if new regulations are passed for crypto mining and investments after the US election. There is constant chatter from the Republican party and some talk from the Democratic party about focusing on cryptocurrency regulations after the election. If regulations do ease up, then Bitdeer could get a boost.
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