MARA Holdings, a leading cryptocurrency mining company, saw its stock plunge 8.55% during the weekend trading session on Sunday. This sharp decline came amid a broader selloff in the cryptocurrency market, with Bitcoin and Ethereum, the two largest cryptocurrencies, both experiencing significant drops.
The sell-off in the crypto market was driven by concerns over regulatory crackdowns and potential tightening of policies in various countries, as well as ongoing macroeconomic uncertainties. Bitcoin, the world's largest cryptocurrency by market value, was down by around 6.41% at $80,806, while Ether, the second-largest cryptocurrency, fell by 8.6% to $2,018.23.
As a company heavily exposed to the cryptocurrency mining industry, MARA Holdings' stock price is closely tied to the performance of major digital assets like Bitcoin. The recent plunge in crypto prices has likely weighed on investor sentiment towards MARA Holdings, leading to the significant drop in its share price.
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