MARA Holdings (MARA) stock plummeted 5.01% in pre-market trading on Friday, as cryptocurrency-related stocks faced significant pressure following Bitcoin's drop to a six-month low. The world's largest cryptocurrency fell below $96,000, triggering a broader sell-off in the crypto sector.

The decline in MARA Holdings' stock price aligns with the overall trend affecting crypto miners and blockchain-related companies. Bitcoin's price slump, attributed to fading rate-cut hopes and growing risk-off sentiment in the market, has led to substantial drops in other crypto stocks as well. Notably, Riot Platforms, Hut 8 Mining, and CleanSpark have all experienced similar downward movements in the pre-market session.

This market reaction underscores the close correlation between cryptocurrency prices and the performance of crypto-mining stocks. As Bitcoin struggles to maintain its value above key psychological levels, investors are reassessing their positions in companies with significant exposure to the digital asset market. The current volatility in the crypto space suggests that MARA Holdings and its peers may continue to face challenges in the near term as the market grapples with broader economic uncertainties.