Why Bitcoin-Related Stock Marathon Digital (MARA) Is Seeing Blue Skies

Marathon Digital Holdings Inc MARA shares are trading higher by 9.1% to $8.74 during Thursday's session. Shares of crypto-related stocks are trading higher amid a rise in Bitcoin BTC/USD. 

Marathon Digital may also be trading higher in sympathy with crypto exchange Coinbase after the company received regulatory approval to enable retail perpetual futures trading.

Why It Matters

Regulatory approval for new cryptocurrency products and services can generate positive sentiment in the cryptocurrency market. Investors may view this as a sign of growing acceptance and legitimacy for the crypto industry, which can lead to increased interest and demand for related stocks like Marathon Digital.

The introduction of retail perpetual futures trading on Coinbase can attract a broader range of traders, including retail investors who may have previously been excluded from such trading.

This can potentially lead to increased trading volumes in cryptocurrencies, benefiting companies like Marathon Digital that are involved in cryptocurrency mining.

See Also: Ethereum Moves Higher Following Economic Reports; Bitcoin Cash Emerges As Top Gainer

Hear from cryptocurrency traders and experts on where the future is headed and how Bitcoin use cases have changed over the years. Benzinga's Future of Crypto 2023 hits New York City on Nov. 14, 2023. Get Tickets Today!

According to data from Benzinga Pro, MARA has a 52-week high of $19.88 and a 52-week low of $3.11.