Authorization

Chart Wars: Does Marathon Digital Or Riot Blockchain Have More Strength As Bitcoin, Ethereum Fall

Chart Wars: Does Marathon Digital Or Riot Blockchain Have More Strength As Bitcoin, Ethereum Fall
Marathon Digital Holdings, Inc (NASDAQ:MARA) and Riot Blockchain, Inc (NASDAQ:RIOT) were plunging about 10% and 7%, respectively, on Wednesday, in exaggeration to Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which were about .5% and 4% lower, respectively.

The crypto miners are effected by both the cryptocurrency sector and the general markets, which have been heavily bearish for the greater part of 2022, with little sign a large reversal to the upside is on the horizon.

Making matters worse, Marathon announced on Tuesday after the market closed that its mining operations have been impacted by a power outage caused by a storm that ripped through Montana a few weeks ago. The company hopes to restart operations at a reduced capacity in the first week of July.

Both stocks have plummeted from their 52-week highs, with Marathon nose-diving about 93% from its high of $83.45 and Riot tumbling about 90% from the high of $46.28.

When stocks decline greatly, retail traders and investors can sometimes be fooled into believing the bottom must be nearby. Unfortunately, stocks can always go lower, and both Marathon and Rio could be headed that way.
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Август 2022    »
ПнВтСрЧтПтСбВс
1234567
891011121314
15161718192021
22232425262728
293031