Time to Buy Bitcoin? MARA Acquires $1.1 Billion in BTC

A leading Bitcoin (BTC) mining firm, Marathon Digital Holdings (MARA), has acquired a significant 11,774 BTC for $1.1 billion, as reported by MARA on X (formerly Twitter). MARA made these purchases during a recent market dip, acquiring BTC at an average cost of $96,000 each.

MARA’s Bitcoin Holding
With this notable BTC acquisition, MARA’s total Bitcoin holdings have soared to 40,435 BTC. Additionally, the firm has achieved a BTC yield of 12.3% quarter-to-date (QTD) and 47.6% year-to-date (YTD) so far. To fund this significant acquisition, MARA issued zero-coupon convertible notes, a type of loan that can later be converted into company shares.

This post on X has garnered massive attention from the crypto community, with Michael Saylor, the founder and chairman of MicroStrategy (MSTR), reposting it while highlighting MARA’s BTC yield of 47.6% YTD. Notably, this significant acquisition follows MicroStrategy’s recent purchase of 21,550 BTC for $2.1 billion on December 9, 2024.

These massive acquisitions by industry giants like MARA and MSTR suggest a strategic “buy-the-dip” technique.

Bitcoin (BTC) Current Price Momentum
Currently, BTC is trading over 6% below its recent all-time high. At press time, BTC is trading near $97,780 and has experienced a price decline of over 1.25% in the past 24 hours. During the same period, its trading volume surged by 70%, indicating heightened participation from traders and investors amid the recent price drop.

Expert Views on BTC
Some experts on X have shared their opinions, suggesting that the current market conditions represent a discount, making it an ideal time to buy cryptocurrencies.

However, BTC is currently positioned at a crucial support level of an ascending trendline, signaling a potential buying opportunity.
Source: Trading View
Historically, whenever the asset’s price comes to this level, it tends to experience significant buying pressure and upward momentum. Experts and analysts anticipate a similar bullish move in the near future based on this historical pattern.

We'd Love to Hear Your Thoughts on This Article!

Was this writing helpful?

10.12.2024

You may have missed

What’s Preventing Bitcoin’s (BTC) Price from Reaching $70,000? How Long Will It Stay Under $65,000?

The crypto markets are becoming uncertain of the next price action as the top token, Bitcoin, has been shadowed under misty clouds. The bulls and bears exert equal pressure, causing the price to remain consolidated within a narrow range. With the price advancing towards the second half of the month, more bearish action is expected to occur, which could shake up the BTC price rally and the entire crypto market...

13.08.2024

BlackRock, Fidelity Combined Hold Almost 2.5% of Total BTC Supply in Their ETFs

BlackRock’s IBIT and Fidelity’s FBTC funds combined account for 2.5% of the total Bitcoin supply, representing over US$30 billion. IBIT holds 347,766.96 BTC worth US$20.32 billion, doubling the BTC count of Fidelity’s FBTC. Institutional investors like governments, public and private companies, and funds now hold a substantial and increasing share in the global Bitcoin market. BlackRock’s iShares with its IBIT and Fidelity’s Wise Origin Bitcoin FBTC funds now account for...

12.08.2024

Bitcoin Technical Analysis: BTC Struggles Amidst Bearish Pressure, Eyes Key Support Levels

Bitcoin’s price on August 12, 2024, stands at $59,777, with intraday 24-hour prices ranging between $57,814 and $61,054. The cryptocurrency’s market capitalization is $1.16 trillion, supported by a 24-hour trade volume of $29.81 billion. As bitcoin navigates this challenging environment, technical indicators reveal continued bearish momentum, testing the resolve of bullish investors. Bitcoin The 1-hour chart reveals a pronounced bearish trend, with bitcoin’s price declining from $61,868 to approximately $57,681...

12.08.2024