Bit Digital Inc (NASDAQ:BTBT) Stock Slumps 35% in a Month: Will it Rebound?

In recent times many Bitcoin mining stocks have come into the attention of investors and the foremost among those is that of Bit Digital Inc (NASDAQ:BTBT).

The company is among the biggest publicly listed Bitcoin mining companies in the world but over the course of the past month the company’s stock has performed poorly and tanked by as much as 35%. The last piece of important news about Bit Digital emerged back on June 24 when the company announced that it signed the Crypto Climate Accord. It is a significant development for the company considering the fact that the accord is a private sector program that is aimed at reducing carbon emissions in the crypto sector.

As one of the signatories of the accord, Bit Digital became committed to making ‘crypto green’ and for achieving net zero carbon emissions by way of electricity consumption by 2030. It is an important step and one that the rest of the mining industry will also take note of. In recent times, there has been a lot of talk about the environmental concerns of Bitcoin mining and that had, in fact, been one of the factors behind the crash in Bitcoin earlier on this year.

Market Reaction:

On Thursday, BTBT stock fell 2.15% at $5.45 with more than 1.20 million shares, compared to its average volume of 2.76 million shares. The stock had moved within a range of $5.25 – 5.55 after opening the trade at $5.25. Over the past 52-week, the stock has been trading within a range of $1.62 – 33.00.