MARA Stock Price Increases Over 13%: Why It Happened

By Amit Chowdhry ● June 14, 2021
  • The stock price of Marathon Digital Holdings Inc (NASDAQ: MARA) increased by over 13% during intraday trading. This is why it happened.

The stock price of Marathon Digital Holdings Inc (NASDAQ: MARA) increased by over 13% during intraday trading. Investors are responding positively to the increase in the price of bitcoin.

Marathon Digital is known as a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets. The increase in bitcoin price was driven by statements by recent statements by Tesla CEO Elon Musk and hedge fund executive Paul Tudor Jones.

In an interview with CNBC, Jones said: “I like bitcoin as a portfolio diversifier. Everybody asks me ‘what should I do with my bitcoin?’ The only thing I know for certain, I want 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities. At this point in time, I don’t know what I want to do with the other 80% until I see what the Fed is going to do.”

And Tesla CEO Elon Musk disclosed that the electric vehicle company will accept bitcoin again when there is confirmation of reasonable clean energy usage by the cryptocurrency miners. Below is the tweet:

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.