MARA Holdings Inc., a leading Bitcoin mining company, saw its stock plummet by 5.03% in intraday trading on Wednesday, underperforming the broader market amid a selloff in cryptocurrency-related assets.
The decline in MARA's share price coincided with a 1.8% drop in the price of Bitcoin, the world's largest cryptocurrency by market capitalization, which fell to around $95,000 after briefly surpassing the $100,000 mark earlier this week.
The sell-off in the crypto market appears to have been triggered by stronger-than-expected economic data from the United States, reigniting concerns about aggressive interest rate hikes by the Federal Reserve to combat inflation. Robust job openings and manufacturing data released on Wednesday raised doubts about the central bank's ability to achieve a soft landing for the economy, prompting investors to flee risk assets like Bitcoin and crypto stocks.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.