By Shares of Marathon Digital Holdings Inc. (MARA, +15.24%) saw a sudden downturn in premarket trading, falling 7.1%, putting an end to its impressive winning streak. The decline came as bitcoin (BTCUSD, -1.22%) also experienced a drop. According to FactSet data, the cryptocurrency miner’s stock initially rose by 2.5% before taking a dive, hitting a low of 9.8% before rebounding.
Earlier, bitcoin had a brief ascent of 0.9% but later declined by 1.6%. It’s worth noting that Marathon’s stock had surged by an impressive 112.1% during its remarkable 11-day winning streak, reaching its highest price since March 29, 2022. The surge was fueled by optimism surrounding the potential approval of a spot bitcoin exchange-traded fund (ETF) as early as next week.
However, it’s important to recognize that despite the strong performance during the 11-day streak, the stock had endured periods of negative territory in seven of the sessions before ultimately recovering and closing higher.
The retreat of both Marathon’s stock and bitcoin coincides with less significant gains in S&P 500 futures (ES00, +0.02%) standing at just under 0.1% increase.
Stay tuned for further updates on Marathon Digital Holdings Inc. and the volatile world of cryptocurrencies.
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