Stock Track | MARA Holdings Plunges 5.25% in Pre-Market as Bitcoin Selloff Intensifies on Fed's Hawkish Stance

Stock Track12-20 17:51

MARA Holdings, a leading cryptocurrency mining company, experienced a sharp 5.25% pre-market plunge on Friday, as the broader cryptocurrency market witnessed a significant selloff, with Bitcoin prices dropping over 10% from recent record highs.

The selloff in the crypto market was primarily driven by the Federal Reserve's hawkish stance on interest rates, signaling fewer rate cuts in the future. This dampened speculative zeal and led investors to reduce their exposure to risky assets, including cryptocurrencies.

Bitcoin, the world's largest cryptocurrency, fell below $96,000 on Friday, extending its decline from an all-time high of just above $108,000 earlier in the week. The downturn also weighed heavily on other altcoins like Ether and Dogecoin, which experienced even larger declines.

As a company heavily tied to the cryptocurrency mining industry, MARA Holdings' stock price is closely correlated with the performance of the crypto market. Other crypto-related stocks, such as Riot Platforms, Canaan, Coinbase, and Hut 8 Mining, also experienced significant pre-market losses, reflecting the broader bearish sentiment in the sector.

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