Cipher Mining is trading 11.0% down at $19.26 following a sharp premarket reversal and broader market pressure.
- Crypto-linked miners are facing headwinds as Bitcoin drops 2.49% and Ethereum falls 3.59% since the last close.
- A broader tech sell-off is impacting the sector, with the Technology (XLK) ETF down 2.14% amid concerns over chip and AI spending.
- Recent gains in the stock have also made it vulnerable to profit-taking during the current market volatility.