May 1, 2023 2:48 PM | 1 min read
Bitfarms Ltd (NASDAQ:BITF) and Marathon Digital Holdings Inc (NASDAQ:MARA) shares are trading lower Monday afternoon. Shares of crypto-related stocks are trading lower amid a decline in the prices of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). Popular altcoin Dogecoin (CRYPTO: DOGE) is also lower amid weakness in the broader crypto sector.
Crypto may be trading lower as traders and investors await the Federal Open Market Committee’s (FOMC) interest rate decision. The FOMC is widely expected to issue at least one more 0.25% interest rate hike at the conclusion of its meeting on Wednesday.
The rate hike itself will likely not move financial markets much, but the language the FOMC uses in its policy statement could be a major catalyst.
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Marathon Digital focuses on mining digital assets. It owns crypto-currency mining machines and a data center to mine digital assets. The company operates in the digital currency blockchain segment and its cryptocurrency machines are located in Canada.
Marathon Digital shares are trading lower by 12.02% at $8.86.
Bitfarms is a bitcoin self-mining company. It runs vertically integrated mining operations with in-house management.
Bitfarms shares are trading lower by 4.74% at $1.10.
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