MARA Holdings (MARA) experienced a significant 24-hour plunge of 11.50% in the crypto night trading session on Sunday. The sharp decline in MARA's stock price coincides with a broader cryptocurrency market downturn, which has seen Bitcoin and other digital assets tumble amid a global market swoon.
According to recent reports, Bitcoin, the largest cryptocurrency by market capitalization, fell 6.2% to just over $78,080. Ethereum, the second-largest cryptocurrency, suffered an even steeper decline of 13%, dropping to around $1,576. This downturn in the crypto market appears to be part of a larger global selloff that has already erased $6 trillion in value across various markets.
As a company likely involved in Bitcoin mining or holding significant Bitcoin assets, MARA Holdings is particularly vulnerable to fluctuations in cryptocurrency prices. The more severe drop in MARA's stock price compared to Bitcoin's decline suggests that investors may be pricing in additional risks or potential impacts on the company's operations. With former Treasury Secretary Larry Summers warning of possible further market turbulence, cryptocurrency-related stocks like MARA may continue to face pressure in the coming days as the global market situation unfolds.
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