HODL

bullish

Bitcoin

Impact

<p>The post <a href="https://coinpedia.org/news/bitcoin-rallies-as-marathon-digital-announces-250m-purchase-plan/">Bitcoin Rallies as Marathon Digital Announces $250M Purchase Plan</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>After notable selling pressure during Asian Trading hours, the cryptocurrency market is recovering. This recovery comes following the announcement by Marathon Digital, the world’s largest Bitcoin miner, of a $250 million Bitcoin purchase.</p> 
<h2 class="wp-block-heading" id="h-marathon-digital-s-recent-bitcoin-purchase-announcement">Marathon Digital’s recent Bitcoin purchase announcement</h2> 
<p>On August 12, 2024, Marathon Digital announced that they are planning to raise $250 million of funds by issuing special debt called <a href="https://ir.mara.com/investors/news-events/press-releases/detail/1366/marathon-digital-holdings-inc-announces-proposed-private-offering-of-250-million-of-convertible-senior-notes" target="_blank" rel="noreferrer noopener nofollow">convertible senior notes</a> that will mature in 2031. A Convertible Senior Note is something superior to other debt instruments. In this, the holder of convertible senior notes will be paid before other creditors.</p> 
<p>However, these investments are coming from qualified institutional buyers who have options to turn their investment into company shares.&nbsp;</p> 
<p>In the announcement, Marathon stated that it plans to allocate a significant $250 million in funds to buy additional Bitcoin. However, on July 25, 2024, the firm has already increased its <a href="https://coinpedia.org/news/crypto-shockwave-marathon-digital-buys-100m-in-bitcoin-heres-why/">Bitcoin holdings</a> by $100 million. Additionally, they announced that “we are once again adopting a full HODL strategy.”</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Today, we are announcing that MARA has purchased $100,000,000 worth of BTC. And effective immediately, we are once again adopting a full HODL strategy. Learn more about our <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Strategic Reserve: <a href="https://t.co/pYxiclOtQa">pic.twitter.com/pYxiclOtQa</a></p>— MARA (@MarathonDH) <a href="https://twitter.com/MarathonDH/status/1816445234391535714?ref_src=twsrc%5Etfw">July 25, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h3 class="wp-block-heading" id="h-impact-of-marathon-digital-on-btc-price"><strong>Impact of Marathon Digital on BTC price</strong></h3> 
<p>This recent announcement by industry giants has the potential to attract investors, whales, and retailers. Meanwhile, following this announcement, the price of BTC experienced an upside momentum of 4% from $57,700 to $57,800 level.</p> 
<p>At press, time it is trading near $59,750 level and has experienced a price decline of 1.2% in the last 24 hours. Meanwhile, its trading volume has increased by 93% during the same period. This increase in trading volume suggests higher participation from traders and investors following the announcement.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-bitcoin-technical-analysis-and-upcoming-levels"><strong>Bitcoin technical analysis and upcoming levels</strong></h2> 
<p>According to expert technical analysis, BTC looks bullish as its price once again comes above the 200 Exponential Moving Average (EMA) on a daily time frame. The price of BTC above the 200 EMA suggests it is in the uptrend on a higher time frame.&nbsp;</p> 
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/08/12202226/BTCUSDT_2024-08-12_20-21-15.png"><img decoding="async" width="1024" height="550" src="https://image.coinpedia.org/wp-content/uploads/2024/08/12202226/BTCUSDT_2024-08-12_20-21-15-1024x550.png" alt="" class="wp-image-337814" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/12202226/BTCUSDT_2024-08-12_20-21-15-1024x550.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/12202226/BTCUSDT_2024-08-12_20-21-15-300x161.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/12202226/BTCUSDT_2024-08-12_20-21-15-768x412.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/12202226/BTCUSDT_2024-08-12_20-21-15-150x81.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/12202226/BTCUSDT_2024-08-12_20-21-15.png 1486w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure> 
<p>This announcement has prevented BTC from experiencing further selling pressure and has turned the sentiment bullish. If this sentiment continues and BTC price closes a daily candle above the $62,000 level, there is a high possibility it could experience a massive upside move to the $66,000 level in the coming days.</p>

Bitcoin Rallies as Marathon Digital Announces $250M Purchase Plan

Table of Contents

CoinPedia News

Other articles published on Aug 12, 2024

Nasdaq and BlackRock Propose Options for Spot Ethereum ETF: SEC Decision Expected by April 2025

Binance Labs Announces Second Cohort of Season 7 Incubation Program: Aarc, FluxLayer, and Ton Ton...

Nasdaq and BlackRock Propose Options for Spot Ethereum ETF: SEC Decision Expected by April 2025

Vladimir Putin Ushers in a New Era: Russia Embraces Cryptocurrencies for Global Trade

Icebreaker Secures $5M Seed Funding to Build Blockchain Alternative to LinkedIn

Michael Saylor's MicroStrategy Plans to Raise $2B to Buy More Bitcoin

Join our free newsletter for daily crypto updates!