Bitcoin Miner Marathon Digital Is Moving Higher Monday: What's Going On?
Marathon Digital Holdings Inc (NASDAQ:MARA) shares are trading higher Monday alongside the price of Bitcoin (CRYPTO: BTC). Here's a look at what's going on.
What To Know: Bitcoin is up more than 1% over the last 24 hours and more than 13% over the last week. The world's largest cryptocurrency has been trading on continued momentum that was initially sparked by spot ETF optimism, which is expected to increase demand and liquidity in the crypto space.
BlackRock and several other large financial firms recently made changes to their submissions for spot Bitcoin ETFs and JPMorgan recently said the SEC is likely to approve a spot ETF within the next few months.
Marathon Digital scheduled its third-quarter financial results last week. The company is set to report after the bell on Nov. 8 and analysts anticipate a loss of 11 cents per share and revenue of $103.04 million, according to estimates from Benzinga Pro.
Marathon Digital is a Bitcoin miner engaged in mining digital assets with a focus on the Bitcoin ecosystem. As the price of Bitcoin rises, so does the value of the company's Bitcoin holdings, which improves its overall financials.
Related Link: Bitcoin, Ethereum, Dogecoin Rally Ahead Of Fed Meeting — Analyst Says Apex Crypto Hit Resistance At This Level, But To 'Continue Towards $45-50K Pre-Halving'
$BTC Price Action: Bitcoin was up 1.28% at $34,752 at the time of publication, according to Benzinga Pro.
Photo: MichaelWuensch from Pixabay.