Shares of MARA Holdings, a leading Bitcoin mining company, fell sharply in overnight trading on Tuesday as the price of Bitcoin declined below the $90,000 level for the first time since mid-January.
MARA Holdings' stock plunged 5.04% as the broader cryptocurrency market experienced a selloff. The decline was in tandem with Bitcoin's drop of over 4% to trade below $90,000, a key psychological level for the world's largest digital asset.
The company's fortunes are closely tied to the price movements of Bitcoin, as it derives revenue from mining the cryptocurrency. A sustained downturn in Bitcoin's value could negatively impact MARA Holdings' profitability and financial performance.