MARA Holdings, a leading cryptocurrency mining company, witnessed a significant pre-market plunge of 5.6% on Monday, as broader selling pressures gripped the cryptocurrency sector.
The downward movement in MARA's stock price was part of a broader sell-off in crypto stocks, as traders booked profits following President Trump's highly anticipated executive order on crypto policy. While the order identified the digital assets industry as a crucial driver of US innovation, it fell short of confirming the establishment of a Bitcoin reserve, disappointing investors who had anticipated more substantial measures to bolster the cryptocurrency market.
In addition to the crypto-specific factors, broader market volatility, fueled by concerns over potential disruptions from China's AI model and escalating trade tensions between the US and Colombia, further weighed on investor sentiment, cascading into the digital asset space.