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Leading Bitcoin mining companies, MARA and Hut 8, executed notable acquisitions despite a declining market. MARA acquired 15,574 BTC for $1.53 billion, increasing its total reserves to 44,394 BTC, which is valued at over $4.4 billion. Concurrently, Hut 8 augmented its holdings by 990 BTC, worth $100 million, raising its reserves to 10,096 BTC. These transactions position both firms as prominent corporate Bitcoin holders worldwide.
MARA financed its acquisitions through two convertible bond offerings, amounting to $1.925 billion. The bonds are set to mature in 2030 and 2031, issued at a premium exceeding 40% over MARA’s share price.
MARA secured $1.925 billion from 0% convertible notes in November and December. Utilizing the funds from its zero-coupon convertible notes offerings, MARA has procured 15,574 BTC for approximately $1.53 billion at around $98,529 per #bitcoin and repurchased about $263 million in total principal amount… pic.twitter.com/ycGRk9BYfv
— MARA (@MARAHoldings) December 19, 2024
In addition, Riot Platforms acquired $510 million worth of Bitcoin, while MicroStrategy added 15,350 BTC to its treasury, elevating its total holdings to an impressive 439,000 BTC, valued at over $45 billion. Despite these positive developments, MARA and Hut 8 stocks fell by 5% and 7%, respectively, reflecting the overall market sentiment.
IMF Loan Forces Bitcoin Adjustments in El Salvador
El Salvador finalized a $1.4 billion loan agreement with the IMF, committing to limit Bitcoin-related activities. Companies can now choose to accept Bitcoin voluntarily, and the public sector’s involvement in cryptocurrency will be reduced. The government will also lessen its role in managing the Chivo wallet, while taxes will continue to be collected in US dollars.
IMF has reached an agreement with El Salvador on a $1.4B loan to strengthen the Central American nation’s economy pic.twitter.com/IBxQgGcWMz
— TRT World Now (@TRTWorldNow) December 19, 2024
These actions aim to lower the country’s debt-to-GDP ratio and mitigate risks associated with Bitcoin. Despite these adjustments, El Salvador remains dedicated to Bitcoin, continuing its daily cryptocurrency acquisitions.
Critics contend that over 90% of Salvadorans do not utilize Bitcoin for transactions, indicating limited adoption. Nevertheless, the loan agreement represents a compromise, ensuring ongoing IMF support while upholding a Bitcoin-focused strategy.
Bitcoin Technical Analysis: Bearish Momentum Prevails
Bitcoin is currently trading at $93,740, reflecting a significant 8% drop in the past 24 hours as selling pressure intensifies. The 24-hour trading volume reached $118.6 billion, indicating heightened market activity.
Key support levels are identified at $90,780 and $88,730, with resistance at $97,810 and $100,760.
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The 50-day EMA at $102,940 indicates persistent bearish momentum, while the RSI, currently at 31, suggests oversold conditions, implying a potential short-term rebound.
However, a lack of momentum above resistance levels confirms a weak outlook. Should the price fall below $90,780, the next significant test will be at $86,720.
Key Insights
- MARA and Hut 8 expand holdings; Bitcoin dominance persists.
- IMF loan forces El Salvador to adjust Bitcoin strategy.
- Bitcoin RSI at 31 hints at rebound; support lies at $90,781.
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