In the current morning trading session, Crypto US stocks are facing pressure, particularly with Marathon Digital (MARA), Riot Platforms (RIOT), and Coinbase (COIN) displaying weaknesses before the market opens.
MARA and RIOT, both significantly involved in Bitcoin mining, are experiencing declines due to Bitcoin's lackluster performance. Although COIN has seen remarkable gains in the past five days, it is now testing a significant support level. Here is a brief overview of these three stocks of interest for today.
Marathon Digital Holdings (MARA) is down 2.86% from yesterday's close and is seeing a further 1.8% drop in pre-market trading. This decline continues the recent trend of weakness for the company, which is primarily a Bitcoin mining firm that operates large mining facilities and earns revenue by validating Bitcoin transactions.
Riot Platforms (RIOT), also a Bitcoin mining firm, closed down 6.56% yesterday and is down an additional 1.22% before the market opens. The stock is currently trading at its lowest levels since February 2023, with a considerable 36% decline year-to-date.
Coinbase (COIN) ended yesterday down 0.57% and is down another 1.46% in pre-market trading. Despite this short-term decline, COIN has shown a nearly 16% increase in the past five days, attributed to a renewed interest in crypto-related equities. COIN is closely monitored as it hovers near a critical support level at $167; a breach of this level could lead to intensified selling pressure, potentially pushing the stock below $160 in the short term.