Why Bitdeer Technologies Group (BTDR) Crashed on Friday

We recently compiled a list of the 10 Stocks Record Biggest Double-Digit Drop on Friday. In this article, we are going to take a look at where Bitdeer Technologies Group (NASDAQ:BTDR) stands against the other stocks.

The stock market ended the trading week in a bloodbath, with major indices registering losses amid concerns over a slowing economy and sticky inflation.

The Dow Jones fell by 1.69 percent, the S&P declined by 1.71 percent, while the tech-heavy Nasdaq nosedived by 2.20 percent.

Ten stocks mirrored a broader market decline, posting double-digit losses, with sentiment for most of the companies dampened by dismal earnings performance.

To come up with Friday’s biggest losers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.

Why Cipher Mining (CIFR) is Skyrocketing?

A close-up of a laptop with a Bitcoin ecosystem monitor running in the background.

Bitdeer Technologies Group (NASDAQ:BTDR)

Bitcoin miner Bitdeer Technologies Group (NASDAQ:BTDR) dropped its share prices by 12.32 percent on Friday to finish at $13.09 apiece as investors underwent portfolio repositioning ahead of its earnings release on Tuesday, February 25, on whether it would miss or beat analyst estimates, having missed expectations for two quarters last year.

Additionally, Bitdeer Technologies Group (NASDAQ:BTDR) announced earlier this week a drop in its Bitcoin production for January to only 126 due to higher seasonal electricity prices that curtailed its Bhutan site.

In addition, it expects a one-month delay in production for its SEALMINER A2 due to a 6.4-magnitude earthquake that struck Taiwan on January 21.

However, Bitdeer Technologies Group (NASDAQ:BTDR) said mass production of its SEALMINER A1 remains on schedule, while SEALMINER A3 is expected to be the most advanced and energy-efficient Bitcoin mining chip on the market.

Bitdeer Technologies Group is a world-leading technology company for blockchain and high-performance computing.

Overall BTDR ranks 10th on our list of Friday’s biggest losers. While we acknowledge the potential of BTDR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as BTDR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.