Marathon Digital shares rise as crypto market sees an uptick
Marathon Digital Holdings Inc., (MARA), experienced a significant increase of over 11% in early Monday afternoon trading as the crypto market rallied alongside Bitcoin (BTC). After facing bearish pressure due to the selling of miner and government wallets, the price of Bitcoin broke through the $63,000 mark on July 1. Although it later retreated below this level, the positive sentiment that boosted altcoins also spilled over into the crypto stocks market.
At the time of writing, BTC was trading around $63,182, marking a 2.8% increase over the past 24 hours. Analysts predict that Bitcoin may see a rebound in July.
Marathon Digital’s stock, known as MARA, surged by 11% to reach $22.01 at 12:30 pm ET on July 1, according to market data. The stock had already risen above $20 last week when the Bitcoin miner announced its mining of Kaspa (KAS). The current gains indicate that MARA is approaching the highs it reached in May and March of this year, which coincided with significant movements in BTC. In March, Bitcoin achieved an all-time high above $73,000.
Coinbase Global, Inc. (COIN) also saw a surge in its stock price, with shares trading above $230. At the time of writing, the crypto stock had risen by 4%, experiencing significant fluctuations due to Coinbase Prime-related news. On July 1, the U.S. Marshals Service announced that Coinbase Prime would serve as its custody and advanced trading services provider for digital assets. COIN has gained 47% year-to-date, slightly outperforming Bitcoin’s 43% price increase during the same period.
Meanwhile, Riot Platforms, Inc. (RIOT) recorded a 5% increase in its stock price, overcoming recent sell-off pressure. On June 13, RIOT traded at $10.98, but its shares plummeted to lows of $9.03 amid its attempt to acquire rival Bitfarms. RIOT has seen a 37% decline year-to-date, underperforming both Bitcoin and the S&P 500, which has gained over 15% as of 12:30 pm ET on Monday. Bitfarms stock also experienced a slight decline.
