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.
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.