The stock of Hut 8 Mining (NASDAQ:HUT)(TSE:HUT) has fallen along with the price of Bitcoin (BTC-USD). Shares of this Bitcoin mining company have dropped nearly 77% year-to-date. Furthermore, with an Underperform Smart Score on TipRanks and uncertainty over Bitcoin prices, recovery in HUT stock remains a far cry. Before we delve deeper, let’s see why investors dumped HUT stock. What’s Behind the Slump in HUT Stock? It’s worth mentioning that Bitcoin and other major cryptocurrencies are under selling pressure amid a weak macro environment and a fear of recession. Meanwhile, credit tightening to tame inflation further remains a drag.
