Why CleanSpark (CLSK) Is Among Tuesday’s Worst Performers?

We recently published a list of 10 Stocks Nosedive, Defying Broader Optimism. In this article, we are going to take a look at where CleanSpark, Inc. (NASDAQ:CLSK) stands against other stocks nosedive, defying broader optimism.

Ten companies—predominantly Bitcoin miners—kicked off this week’s trading on a sour note, bucking an overall market optimism, following the lack of fresh developments to spark buying appetite.

On Tuesday, the Dow Jones rose by 1.24 percent, the S&P 500 rose 0.88 percent, while the Nasdaq Composite increased 0.64 percent.

In this article we will look at Tuesday’s worst performers and explore the reasons behind their drop.

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

A hall of server racks, illuminated by blue LED lights and humming with energy.

CleanSpark, Inc. (NASDAQ:CLSK)

Shares of CleanSpark, Inc. (NASDAQ:CLSK) declined by 7.67 percent on Tuesday to finish at $10.96 apiece as once-hopeful investors sold off positions after President Donald Trump missed out on announcing any plans on the cryptocurrency industry.

CleanSpark (NASDAQ:CLSK) traded lower alongside its peers.

Over the past few months, Trump made several promises for the cryptocurrency industry, including releasing an executive order that would make the asset a national priority.

But on Monday, Trump did not mention cryptocurrencies, disappointing an industry that had eagerly anticipated the crypto-friendly president would usher in a transformative shift in US policies toward the volatile asset class.

Investor pessimism both dampened prices of Bitcoin and share prices of cryptocurrency miners. As of this writing, Bitcoin’s prices were already down by 0.39 percent to close at $105,785 apiece.

Overall, CLSK ranks 7th on our list of stocks nosedive, defying broader optimism. While we acknowledge the potential of CLSK as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CLSK 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.