Why Marathon Digital Holdings Stock Fell Today Along With Other Cryptocurrency Stocks

Shares of Marathon Digital Holdings (NASDAQ: MARA) fell Tuesday after the cryptocurrency miner released financial results for 2020. The report showed very meager revenue, which seems to have caught investors off guard. By the time the market closed, Marathon Digital stock was down 11%.

Otherwise, it was a quiet day for cryptocurrencies, with the price of Bitcoin (CRYPTO: BTC) holding fairly steady. However, other cryptocurrency mining stocks like SOS Limited (NYSE: SOS), Bit Digital (NASDAQ: BTBT), and The9 (NASDAQ: NCTY) were all down sharply, falling between 7% and 13% for the session. My hunch is these stocks pulled back, in part, because of Marathon Digital.

Image source: Getty Images. 

Continue reading

Source Fool.com