Why Marathon Patent Group Stock Is Plummeting Today

Shares of bitcoin mining company Marathon Patent Group (NASDAQ: MARA) were plummeting on Wednesday, although there wasn't any company-specific news to report. The downward move is likely related to the price of bitcoin, which is down today, as well. As of 11:45 a.m. EST, Marathon stock was down 13%.

According to CoinDesk, the price of bitcoin has fallen 8.5% over the last 24 hours. On one hand, cryptocurrencies remain a volatile asset class, so predicting day-by-day moves is nearly impossible.

Some might point to President Joe Biden's inauguration today as reason for the decline. After all, Janet Yellen (Biden's nominee for Treasury secretary) recently said cryptocurrencies can be used for criminal activities, suggesting the need for regulation. However, the potential for greater scrutiny of crypto under Biden's administration has been a known factor for weeks.

Source Fool.com