MARA Holdings, a major cryptocurrency mining company, saw its stock plummet 7.14% in pre-market trading on Monday, as the broader crypto market faced significant headwinds. The sharp decline comes amid a perfect storm of factors weighing on both Bitcoin and crypto-related stocks.
Bitcoin, the leading cryptocurrency, fell to a near two-week low, briefly touching $81,300 before settling around $82,000. This decline in Bitcoin's value has had a ripple effect across the crypto industry, with several crypto stocks, including MARA Holdings, experiencing substantial drops. Adding to the selling pressure, about 4,000 Bitcoins (worth approximately $332 million) were transferred onto the Kraken exchange, fueling concerns of potential large-scale selling.
The crypto market's weakness is compounded by broader economic worries. Investors are growing increasingly cautious due to fears of more severe trade tariffs under U.S. President Donald Trump, who is expected to unveil new "reciprocal tariffs" later this week. Additionally, Goldman Sachs' recent warning about a greater possibility of an economic slowdown in 2025 has added to the market's unease. These factors have led to a general risk-off sentiment, particularly affecting speculative assets like cryptocurrencies and related stocks such as MARA Holdings.
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