Why IREN Limited (IREN) 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 IREN Limited (NASDAQ:IREN) 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 table full of technology, with bitcoin mining rigs and a laptop showing a financial graph.

IREN Limited (NASDAQ:IREN)

IREN Limited (NASDAQ:IREN) dropped its share prices by 9.84 percent to close at $10.81 apiece following the lack of positive developments in the cryptocurrency industry.

IREN Limited (NASDAQ:IREN) followed the downward trend seen in other Bitcoin mining stocks after President Donald Trump failed to address plans for the cryptocurrency industry.

In recent months, Trump has made several promises to the crypto sector, including the potential release of an executive order that would designate cryptocurrency as a national priority.

However, there was no mention of the cryptocurrency industry at all on Monday, leaving investors disappointed. Many had hoped the crypto-friendly president would spearhead a transformative shift in U.S. policies toward the volatile asset class, but his silence dashed those expectations.

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, IREN ranks 4th on our list of stocks nosedive, defying broader optimism. While we acknowledge the potential of IREN 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 IREN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

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