- NASDAQ:MARA fell by 1.65% on Friday to close out the stock’s first rocky week in months.
- Marathon investors remain unsure ahead of the May 1st debut of its Bitcoin mining pool.
- Bitcoin steps aside as Ethereum and other altcoins take the crypto market cap to new highs.
NASDAQ:MARA has finally seen its upward trend plateau for the time being, as investors take a breather during the most recent Bitcoin bull-run. To close the week on Friday, Marathon fell by 1.65% to close the trading session at $49.00. After its recent run, shares of the Bitcoin miner remain well above both its 50-day and 200-day moving averages, after gaining nearly 100% during the last month of trading. The stock still remains 15% off of its all-time high price of $57.75, but investors are probably not complaining after Marathon has returned over 11,000% over the past year.
Stay up to speed with hot stocks' news!
Marathon recently announced that it is preparing to launch a coordinated Bitcoin mining pool alongside Vancouver-based DMG Blockchain. The pool would be the first to be completely compliant with government agencies such as the AML or the anti-money laundering agency and the OFAC, the Office of Foreign Asset Control. Marathon is expecting to allow U.S. based Bitcoin miners to begin mining for the new pool by June of this year. Investors remain unsure of the potential impacts of the event and the stock performance this past week has reflected the uncertainty.
MARA Stock quote
The total market cap of cryptocurrencies recently hit the landmark $2 trillion level, largely on the strength of a recent all-time high from Ethereum, as well as relative strength from other altcoins such as XRP. With the cryptocurrency market showing no signs of slowing down, companies like Marathon should continue to thrive in this environment, as many investors turn to these digital currencies as hedges against inflation and market volatility.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.