MARA Holdings experienced a significant 24-hour plunge of 5.13% on Tuesday, as cryptocurrency-related stocks faced downward pressure. The decline comes amidst a broader pullback in the crypto market and general market volatility.
Bitcoin, the world's largest cryptocurrency, reversed its earlier gains and fell 2.2% to $77,152 after reaching as high as $80,829 earlier in the day. Ethereum also saw a substantial drop of 5.6%. This reversal in crypto prices has had a ripple effect on stocks closely tied to the cryptocurrency industry.
MARA Holdings, along with other crypto mining companies, felt the impact of this market shift. Crypto miners across the board experienced significant declines, with Riot Platforms down about 6%, Cleanspark falling around 7%, and Bit Digital dropping approximately 4%. The broader market instability, influenced by geopolitical factors such as additional U.S. tariffs on China, has further contributed to the negative sentiment affecting crypto-related stocks.
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