What's Going On With Crypto Mining Company Marathon Digital Holdings?

Marathon Digital Holdings, Inc. MARA shares are trading lower on Wednesday. The stock has continued to slide amid volatility in the crypto sector after the SEC approved the listing and trading of spot Bitcoin ETFs.

What To Know: Following the SEC approval of 11 Bitcoin ETF applications last Wednesday, the crypto market, as well as crypto-related stocks, briefly rallied. However, the sector quickly turned lower due to volatilty in the wake of the long-awaited news. Marathon stock has fallen sharply by over 40% in the days following the announcement.

Bitcoin has stabilized somewhat as of Wednesday afternoon, resting around the asset's 60-day moving average and holding above the low made in early January.

While Marathon shares were down another 6% on Wednesday, the stock has steadily tapered off its losses each day following the initial drop in price.

Furthermore, although shares broke through key support last Friday, in reference to the high made in July, the stock sits right along its weekly 120 and 200 moving averages.

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MARA Price Action: Shares of Marathon were down 4.36% at $17.01 at the time of publication, according to Benzinga Pro.

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