Marathon Digital (MARA) stock price death cross forms as BTC recoils
Marathon Digital (NASDAQ: MARA) stock price continued plunging this week as Bitcoin resumed its sell-off. The shares crashed to a low of $7.85 on Thursday even as American stock s continued retreating. It has dropped by more than 60% from the highest level in September. The key driver for Marathon stock price is Bitcoin’s price action. The same applies for other Bitcoin mining companies like Riot Platform and BitDigital (BTBT). These stocks jump when BTC is in an uptrend and vice versa. This happens because these companies make money mining and selling Bitcoin in the open market. It also happens because these firms hold substantial Bitcoin in their balance sheet. Therefore, MARA stock price has plunged as Bitcoin has remained in a consolidation phase in the past few months. It jumped to above $28,000 earlier this month and then retreated sharply to about $26,000. The ongoing Bitcoin sell-off should not worry investors since it is in t...