Marathon Patent Group, a crypto mining company, invested $ 150 million in Bitcoin (BTC), resulting in the exact acquisition of 4,812 BTC according to the press release.
A successful investment in BTC
For those unaware, Marathon is listed on Nasdaq and considers investing in BTC to be a strategically better long-term decision than the US dollar.
In this regard, the CEO of Marathon, Merrick Okamoto, said that the gigantic purchase of BTC was to hedge against the depreciation of the US dollar
“With the purchase of $ 150 million in Bitcoin, we have accelerated the process of turning Marathon into what we believe is the de facto investment option for individuals and institutions seeking exposure to this new asset class.”Okamoto explained.
But, once the company announced its investment, the market experienced bullish sentiment that briefly pushed the company’s shares 7%.
However, Marathon’s price per share has since declined. Even so, the crypto community receives the acquisition positively. In fact, Michael Saylor, CEO of MicroStrategy, shared the news with excitement.
Interestingly, the price of Bitcoin today also saw a rally that brought it to trade very close to $ 34,000. However, like Marathon shares, the price of BTC fell back to $ 32,300 at the moment, with a gain of 2.34% over the last 24 hours.
Ethereum sets a new all-time high
The price of the second-largest crypto on the market set a new all-time price by skyrocketing to $ 1,454 on Sunday.
While ETH has followed in the footsteps of the leading crypto, Ethereum has outperformed Bitcoin so far this year with an increase of 88%.
According to Joseph Young, an analyst at CoinTelegraph, DeFi tokens continue to rise and this is translating into a massive demand for the crypto ETH.
In addition, Young explained that the low volatility of Bitcoin is favoring the rest of the altcoins, such as ETH, with an increase in their demand.
BTC crypto mining has never been so difficult
According to Bitinfocharts, the difficulty of Bitcoin crypto mining reached an all-time high above 20.8 trillion.
Taking into account that the last adjustment of the mining difficulty occurred on January 9, this resulted in an increase of 1.05% in the difficulty.
The reason could be associated with a shortage of chips to support the production of crypto mining rigs, as Alex Ao, vice president of Innosilicon, explained to Reuters.
In fact, it is that very shortage that has driven up the prices of mining equipment in China.
Miami Mayor Shows His Determination With Crypto
Francis Suarez, Mayor of Miami, has hired Saif Ishoof as CTO for the city. This in line with his efforts to turn the city into a hub for entrepreneurs and new technologies, including crypto.
Therefore, Ishoof’s role is to advise technology companies going to Miami.
Crypto will be a topic of conversation at the World Economic Forum
The Davos 2021 Agenda of the World Economic Forum has been unveiled and the crypto community has noted that cryptocurrencies will be part of two separate sessions.
“COVID-19 has accelerated the long-term shift from cash. Meanwhile, central bank digital currencies are emerging, potentially transforming the way people use money around the world … What policies, practices and partnerships are needed to seize the opportunities presented by the rise of digital currencies? ? »reads the prospectus for the crypto sessions.
In a few lines …
- The market capitalization of decentralized finance tokens (DeFi) has surpassed $ 45 billion, according to CoinGecko.
- Rothschild Investment Corporation increase its participation in the crypto fund of Grayscale GBTC, having a total of 30,454 shares.
- Coinbase now has more than $ 90 billion in assets on the crypto platform.