MARA Holdings experienced a significant 24-hour plunge of 5.13% on Tuesday, as cryptocurrency and blockchain-related stocks sagged in response to Bitcoin's price reversal and overall market volatility.
The decline in MARA's stock price aligns with the broader trend observed in the crypto sector. Bitcoin, the world's largest cryptocurrency, fell 2.2% to $77,152 after initially rising as much as 2.2% to $80,829 earlier in the day. This reversal in Bitcoin's price had a ripple effect on various crypto-related stocks.
MARA Holdings, known for its involvement in crypto mining, was not alone in its downturn. Other crypto miners also experienced significant drops, with Riot Platforms falling around 6%, Cleanspark down about 7%, and Bit Digital declining approximately 4%. The market's reaction appears to be driven by the combination of Bitcoin's price movement and broader market concerns, including news about additional tariffs on China set to take effect on Wednesday.
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