The significance of investments made by institutional companies in cryptocurrencies is well known. Historically, such moves by institutional companies have had significant impacts on the market. For example, Microstrategy has been accumulating Bitcoin for years and appears to continue doing so. This situation is thought to encourage individual investors as well. Additionally, the BTC purchases made by Tesla in the past also had a significant impact on the market. Recently, one of the major companies in cryptocurrency mining made an important announcement.
Company to Buy Bitcoin
The announcement made by Marathon Digital, known as a cryptocurrency mining giant, quickly spread throughout the crypto world. According to the announcement made a few minutes ago, the company plans to raise $250 million to buy more Bitcoin.
Bitcoin purchases by institutional companies during periods of falling prices are increasingly thought to encourage individual investors to return to the market. The potential impact of Marathon Digital’s planned purchase is already a topic of curiosity.
According to the latest information, Marathon Digital reportedly holds over 20,000 BTC, and this number could increase by over 4,000 BTC depending on today’s Bitcoin price after the total purchase.
What is Bitcoin’s Price?
Meanwhile, attention was also on the Bitcoin price. Bitcoin price, after a weekend of declines, appeared to be rising again today. Although the charts still show a negative trend, a noticeable change in the price in the last hour has pleased investors.
After a 1% drop in the last 24 hours, Bitcoin price returned to the $60,000 level, trading at $59,829. Last week’s declines appear to have been largely mitigated, resulting in a 19% price increase over the past seven days.
Additionally, the market cap returned to $1.180 trillion, while the 24-hour trading volume exceeded $30 billion again. If Bitcoin potentially surpasses $60,000 and maintains this level, the general consensus in the market is that the first target could be $65,000. The excitement created by institutional investor interest could also impact price increases and support BTC.
