MARA Holdings (MARA) saw its stock price plummet by 5.03% during Monday's intraday trading session, as the cryptocurrency mining company faced headwinds from both analyst downgrades and broader crypto market volatility.
The sharp decline came after B. Riley adjusted MARA's price target from $22 to $17, while maintaining a neutral rating on the stock. This adjustment reflects growing concerns about the sustainability of crypto mining operations in the current market environment. Adding to the pressure, cryptocurrency stocks across the board experienced a slump in overnight trading, with Bitcoin briefly dipping below $93,000.
Despite the recent downturn, Bitcoin has since rebounded, surpassing $95,000 with a 1.18% increase in the past 24 hours. However, this volatility in the crypto market continues to impact mining companies like MARA, whose profitability is closely tied to Bitcoin's price movements. Investors are closely monitoring the situation, weighing the potential long-term prospects of crypto mining stocks against short-term market fluctuations and analyst sentiment.
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