MARA Holdings, a leading cryptocurrency mining company, saw its stock price plummet by 5.56% in the last 24 hours during the intraday trading session on Thursday, as the broader crypto market faced selling pressure.
The selloff in MARA Holdings was fueled by a sharp decline in the price of Bitcoin, the world's largest cryptocurrency. Bitcoin fell below $93,000, extending its descent to its lowest level since November 2024, as investors grappled with concerns over rising inflation and the potential for policy tightening under the new administration.
The recent slump in Bitcoin's price comes after it had surged to record highs above $108,000 in early December, riding on expectations of a crypto-friendly administration under the incoming President. However, the rally has lost steam in the run-up to the inauguration, with investors growing cautious about the potential impact of rising inflation and tighter monetary policies on the crypto market.
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