Mining Firm Marathon Joins MicroStrategy as De Facto Bitcoin Investment

Key Takeaways Marathon Patent Group, Inc. has disclosed a $150 million Bitcoin purchase during the recent dip.  The Bitcoin mining firm’s Bitcoin investment makes it a proxy for Bitcoin exposure alongside MicroStrategy.  The American public-listed firm has planned to expand its mining hash capacity more than tenfold this year.  Share this article American Bitcoin mining giant and publicly-listed company Marathon Patent Group, Inc. (MARA) has revealed a $150 million BTC purchase at an average price of $31,167.8.  Marathon Goes All-In on Bitcoin Marathon Patent Group, Inc. used the financial services…

The perfect match? Both Bitcoin and DeFi push and pull crypto markets

The past year has been a crazy journey for the blockchain industry. Between the crippling effects of the COVID-19 pandemic across various sectors and Bitcoin’s marathon bull run, the year has been great for some and catastrophic for many. Decentralized finance is at the epicenter of most of the hype surrounding blockchain today. From the rise of mainstream decentralized exchanges to the overwhelming demand for liquidity mining, DeFi hasn’t just raised a lot of dust — it’s brought billions of dollars onto blockchains. On June 15, DeFi platform Compound started…

More institutional adoption as Marathon Patent Group purchases $150M in Bitcoin

Nevada-based crypto mining firm Marathon Patent Group has invested $150 million in Bitcoin as a reserve asset. Marathon announced today that it has purchased more than 4,812 Bitcoin (BTC) for $150 million through the New York Digital Investment Group — an average price of $31,168 per coin. CEO and chairman Merrick Okamoto said the move was “a better long-term strategy than holding US Dollars,” comparing the Bitcoin purchase to companies like MicroStrategy, the business intelligence firm that made an initial $425 million crypto investment last year and has since bought…

Bitcoin Could be Coiling Up for a Massive Push Higher as Bulls Take Control

Bitcoin’s recent underperformance against altcoins came to a swift end today, with bulls allowing the crypto to rocket higher while bears struggle to slow its ascent The cryptocurrency is now in the process of erasing much of its recent losses, with bulls targeting further upside This rally has taken the wind out of many altcoins’ sails, with many investors rotating their recent altcoin profits back into the benchmark crypto Where it trends in the near-term will undoubtedly depend on whether or not bulls can sustain this momentum and flip $34,000…

Bitcoin price looks to resume bull cycle after rising above $34K

Bitcoin (BTC) has been consolidating since the recent all-time high at $42,000 and has risen back above $34,000 at time of writing. The current correction is currently at 30% already, as Bitcoin’s price has bounced from the $30,000 region several times. However, it remains to be seen whether Bitcoin’s price will start accelerating once again or whether BTC price needs more consolidation to build-up strength. Several periods of accumulation were seen in 2020, where Bitcoin’s price ranged for a period of a few months. Such a period is, in fact,…

Ethereum Outpacing Bitcoin, Ratio At Two-Year High

Key Takeaways The ETH:BTC ratio is currently at 0.042, its highest level in over two years. In June 2017, the ratio hit an all-time high of 0.14. Bitcoin still holds 62% dominance over the market. A ratio of 0.164 would be needed for Ethereum to overtake Bitcoin’s market cap today. Share this article The ETH:BTC ratio between Ethereum and Bitcoin is climbing.  Ethereum hit a new all-time high of $1,445 last night, pushing the ETH:BTC ratio to 0.044. It’s now hovering at 0.042.  Source: TradingView “The Flippening” Still A Long…

ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January?

The price of Ether (ETH), the native cryptocurrency of the Ethereum blockchain network, achieved a new all-time high on Jan. 25. At the same time, technical analysis shows that the ETH/BTC pair is breaking out of its multi-year downtrend hitting the highest levels since September 2019, which should be great news for altcoins in general.  ETH/BTC weekly candle chart (Coinbase). Source: Tradingview The higher highs come less than a week after ETH/USD finally broke its all-time high, surpassing $1,400 for the first time in three years. Community sentiment is extremely positive…

Virginia tech firm offers staff option to get paid in Bitcoin, Ether

Sequoia Holdings — a software development services provider, not to be confused with the well-known venture capital firm Sequoia Capital — is offering its staff the option to set aside a portion of their salary and invest it in cryptocurrency. Sequoia Holdings is based in Reston, Virginia and provides engineering and analytic solutions to the United States national security sector, including the U.S. intelligence, defense and homeland security departments. It is also, notably, an employee-owned firm, which suggests the optional integration of cryptocurrency into salary arrangements could be a good…

Bitcoin Consolidates Below $33K, Why BTC Could Attempt Bullish Break

Bitcoin price is slowly recovering above $32,000 against the US Dollar. BTC is likely to face a strong selling interest near $33,500 and $34,000. Bitcoin seems to be consolidating above the $31,000 and $32,000 support levels. The price is currently just above $32,500 and the 100 hourly simple moving average. There was a break above a declining channel with resistance near $32,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue higher towards the $33,500 and $34,000 resistance levels. Bitcoin Price…

Key metrics show this week’s $4B Bitcoin options expiry favors bulls

Over the past two weeks, Bitcoin price appears to have lost momentum and some analysts are suggesting that bears will be in control for the foreseeable future. Taking a look at derivatives market data provides a clearer picture of what is happening on the institutional side and how the moves of larger players may impact the spot markets. After peaking at $10.6 billion on Jan. 14, the open interest on Bitcoin (BTC) scaled back to $8.4 billion. The Jan. 29 monthly expiry continues to stand apart, totaling 47% of the…