- MARA continues to accumulate Bitcoin
- On December 19, MARA bought 15,574 BTC worth $1.53B
Bitcoin mining company and one of the major Bitcoin holders, MARA, made a large purchase of 15,574 BTC worth $1.53B.
More About MARA’s Accumulation
MARA is one of the largest publicly traded Bitcoin mining companies that are publicly traded – continuing its accumulations and making a huge purchase of 15,574 BTC worth $1.53B, and now their total holding is 44,394 BTC worth ~$4.26B.
However, this has not increased the value of MARA stock, and moreover, they have experienced a drop from ~25.55, now trading at ~19.94 on NASDAQ. This probably follows the decline in the overall stock market and crypto market with the sell-off in cryptocurrencies following Jerome Powell’s statements.
This is not the single case, as Hut 8 synchronously purchased 990 BTC worth ~$100M, bringing its holdings to 10,096 BTC, but experienced a drop from ~33.77 to ~23.68.
Conclusion
How long is this downtrend for the crypto market and markets in general? Just a week ago, the news of Bitcoin buying was driving stocks higher, but now it’s at least not saving them.
As we always say, the market is very dynamic, especially at a time of fundamental changes in crypto regulations and initiatives of the world’s leading economy, the US.
Be aware and stay tuned.
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