Marathon Digital nasdaq Mara Stock Plummets As Bitcoin's Price Rally Turns Sour

Marathon Digital (NASDAQ: MARA) Stock Plummets as Bitcoin’s Price Rally Turns Sour

Marathon Digital (NASDAQ: MARA) shares tumbled by more than 13% on Tuesday, reflecting the rollercoaster ride of Bitcoin’s price. The cryptocurrency, which had surged to a fresh all-time peak, saw a sharp downturn, triggering a sell-off in related equities like Marathon Digital.

Bitcoin (BTC) plummeted over 10% from its new all-time high on Tuesday as significant selling activity across crypto exchanges restricted its surge beyond $69,000.

The cryptocurrency had climbed to $69,200 earlier in the day, but the order book on Binance revealed substantial sell orders concentrated at higher price levels. Notably, more than 300 BTC, valued at around $20 million, awaited sale at $69,000, while over 500 BTC were listed for sale at $70,000. 

This significant supply zone acted as a formidable barrier, causing Bitcoin’s value to dip below $60,000 at one point.

The abrupt decline in prices triggered a cascade of liquidations totaling $700 million across all digital assets within the past 24 hours, as leveraged derivatives trading positions were forcefully closed out, according to data from CoinGlass.

Marathon Digital (NASDAQ: MARA) Stock Performance

MARA stock plunged 13.44% to close at $22.25 on Tuesday. The traders had exchanged hands with 100,182,748 (100.18 million) shares compared to the average daily trading volume of 87.40 million.