MARA Holdings experienced a significant 24-hour plunge of 11.50% in Sunday night trading, as the cryptocurrency market faced a sharp downturn. The company's stock movement appears to be closely tied to the performance of Bitcoin and other digital currencies, which have been caught in the crossfire of a broader global market selloff.
Bitcoin, the largest cryptocurrency by market capitalization, fell 6.2% to just over $78,080, while Ethereum saw an even steeper decline of 13%. This downturn in the crypto market comes as investors brace for potential further turbulence in global financial markets, with former Treasury Secretary Larry Summers warning of possible additional market instability in the coming days.
The cryptocurrency market's decline is part of a larger trend, with Bitcoin having fallen nearly 28% since reaching its high of $109,225 on inauguration day in January. Despite trading above $80,000 last week, the digital currency has not been immune to the market plunge triggered by recent geopolitical events, including the announcement of new tariffs by the Trump administration.
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