Shares of crypto miner Marathon Digital Holdings fell nearly 18% to a low of $23.07 on Friday afternoon, putting the stock on track for its worst day since Jan. 18 after posting an impressive rally. earlier this month.
marathon actions
MARA,
it recovered slightly over the course of the afternoon session, but was still down 16% to $23.60 as of 3:30 p.m. ET, according to FactSet data.
The losses come after the company's shares rose 112% during an 11-day winning streak to close on Wednesday at $31.07, their highest price since March 29, 2022, before falling 9 .5% on Thursday. Previously, the stock fell 17.4% on January 18.
Marathon stock is still up nearly 600% so far this year, putting it on track for its best year since 2020, according to FactSet data. Its recent rebound is due in part to optimism than a spot bitcoin
BTCUSD,
Investment fund may soon be approved In the USA
Other crypto miners have also rallied this year, with shares of Riot Platforms.
RIOT,
up more than 360% this year to date and Ebang International shares
OF EBONY,
up more than 430% during the same period.
Bitcoin fell slightly on Friday and is down 1.1% in the last 24 hours to sit slightly above $42,000, according to data from CoinDesk. The cryptocurrency is up 156.9% so far this year, although it is still down almost 40% from its 2021 high.
