MARA Holdings, a leading bitcoin mining company, saw its stock plunge over 5% in the pre-market trading session on Tuesday, as the broader cryptocurrency market experienced a selloff. The decline was in tandem with Bitcoin's drop of over 4% to trade below the key psychological level of $90,000 for the first time since mid-January.
As a company whose fortunes are closely tied to the price movements of Bitcoin, MARA Holdings' profitability and financial performance could be negatively impacted by a sustained downturn in Bitcoin's value. The company derives a significant portion of its revenue from mining the world's largest digital asset.
The cryptocurrency market has experienced volatility in recent days, with some analysts attributing the downward pressure on Bitcoin and other digital assets to events such as the $1.4 billion hack of crypto exchange Bybit and a memecoin scandal surrounding Argentina's president Javier Milei. However, Bitcoin had enjoyed a strong rally in 2024, surging over 120%.
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