Crypto
MARA Stock Drops Amid Broader Market Weakness and Bitcoin Decline
MARA Holdings' stock took a hit on Thursday as Bitcoin dropped below $77,000, alongside broader market weakness. The Nasdaq and S&P 500 indices fell 1.14% and 0.54%, respectively.
The decline follows a sharp increase in MARA stock just two days earlier, when it jumped 4.60% to $11.83 despite Bitcoin slipping 0.9%. This divergence has been flagged as significant by traders.
A technical analysis suggests that roughly 26.3% of MARA's outstanding shares are currently sold short, with some estimates putting short interest at 42% of the floating stock. A wave of forced short covering hit the stock last Friday, but most short positions remain open.