Bitcoin (BTC), the leading cryptocurrency, recovered slightly, bouncing back above $59,000 and reaching an intraday high of $60,494.
Despite this, the broader crypto market faced a tough day, with BTC slipping below $60,000 and touching a low of $58,315.
Overall, the crypto market dropped over 3% in the past 24 hours, bringing its total value down to $2.06 trillion. Bitcoin itself saw a 3.8% decline, marking a 13.9% loss over the last two weeks. However, the market experienced $132 million in liquidations, with over 54,000 traders affected.
Bitcoin’s long positions alone faced $25.95 million in losses, while Ethereum (ETH) and Solana (SOL) also saw significant liquidations. The day was marked by increased volatility and selling pressure across major cryptocurrencies.
Cryptocurrency Market Faces Sharp Declines, $132M Liquidated Amid Market Shifts
Bitcoin (BTC) and other leading cryptocurrencies saw significant drops on Monday, leading to $132 million in liquidations, particularly impacting long positions.
This abrupt market shift was fueled by profit-taking after a strong rally, macroeconomic concerns, regulatory pressures, and possible market manipulation.
Despite this downturn, the cryptocurrency market’s long-term resilience remains intact, supported by ongoing technological advancements and a growing maturity that signals the potential for future recovery and growth.
Key Points:
- $132 million in liquidations, largely in long positions
- Driven by profit-taking and macroeconomic concerns
- Long-term resilience remains strong
Marathon Digital’s $250 Million Bitcoin Acquisition Plan
Marathon Digital Holdings is raising $250 million by selling convertible senior notes to increase its Bitcoin holdings.
These notes are a type of debt that can be converted into shares later. The company plans to use most of this money to buy more Bitcoin, with the remainder for general business expenses.
The notes will mature in September 2031 and will start paying interest every six months from March 2025.
Recently, Marathon Digital bought $100 million worth of Bitcoin, increasing its total Bitcoin holdings to over 20,818 BTC, which is worth around $1.23 billion.
This strategy is similar to those of other companies like MicroStrategy and Tesla, which also hold large amounts of Bitcoin.
Two huge players raise money to buy #Bitcoin
Marathon Digital Holdings, the world’s largest Bitcoin mining company, has announced a $250 million offering of convertible senior notes due in 2031.
Marathon plans to use the $250 million raised to buy more Bitcoin and hold it as a… pic.twitter.com/LJW22k0TnJ— Satoshi Talks (@Satoshi_Talks) August 12, 2024
Marathon’s CEO, Fred Thiel, shared this plan on X (formerly Twitter), emphasizing the company’s dedication to expanding its Bitcoin reserves.
This move aims to strengthen Marathon’s financial position and stability, particularly in the face of market uncertainties. Essentially, Marathon is investing heavily in Bitcoin to boost its assets and improve its financial security.
This news could positively impact Bitcoin’s price by increasing demand. Marathon Digital’s plan to use $250 million for Bitcoin purchases suggests strong institutional confidence, potentially driving up BTC value as more companies follow suit.
Bitcoin Faces Resistance at $59,900: Will the Downward Trend Continue? Key Support Levels at $57,700
Bitcoin (BTC/USD) is currently facing downward pressure, with a trendline forming resistance around the $59,900 level.
The 50-day EMA is also reinforcing this barrier by nearly $59,750, indicating that BTC is struggling to break higher.
The Relative Strength Index (RSI) has crossed below 50, suggesting a bearish momentum. This signals a possible continuation of the downward trend.
Key resistance levels to watch are $59,900, followed by $61,869 and $64,643. On the downside, immediate support lies at $57,700. If BTC breaks below this level, it could target further support levels at $54,641 and $51,348.
Conclusion: Selling pressure remains dominant below $59,750. Consider selling if BTC fails to break this resistance, with potential targets near $57,700 and beyond.
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