Look At $MARA Again As Bitcoin On The Rise?
Bitcoin - One year chart
On 08 Nov 2021, Bitcoin peaked at US$65,019 per coin (ball park).
Interestingly, Bitcoin peaked during the covid period.
Could it be that people were awashed with liquidity at that point in time and decided to speculate & drive the price up, up, up?
On 21 Nov 2022, Bitcoin bottomed at US$16,617 per coin (ball park) - see above.
It has fallen a whooping -US$48,402 per coin or -74.44%.
It took Bitcoin almost 8 months to “sort of” achieved a new 2023 peak of US$31,030 per coin (ball park) on 14 Jul 2023.
It has come off from that peak but from the recent last 7 days chart (see below), it is rising again.
Bitcoin - Last 7 days activities
Catalyst @ Work?
There is reason for celebration (see above).
Crypto asset manager Grayscale Investments has been entangled in a legal tussle with the Securities and Exchange Commission (SEC).
Over its proposal to convert its Bitcoin Trust (GBTC), into an ETF.
The SEC had earlier denied Grayscale’s proposal, citing concerns over market manipulation.
In June 2022, Grayscale countersue SEC arguing that it had acted arbitrarily in approving ETFs investing in bitcoin futures contracts while rejecting products that aimed to hold bitcoin directly.
The Federal appeals court ruled in favour of Grayscale Investment and compelled SEC to reevaluate its earlier denial of Grayscale’s proposal.
The judgement sent ripples across the Crypto industry, leading to an immediate surge in Bitcoin prices.
More important, it offers for the approval of Spot Bitcoin ETFs in the US.
Funds houses who have applied to SEC for Spot Bitcoin ETF includes:
BlackRock
WisdomTree
Invesco Galaxy Bitcoin ETF
Valkyrie Investments
Ark Invest
VanEck
Fidelity/Wise Origin
While I appreciate the noble “theory” behind Bitcoin and its self-regulating process; I have been largely disappointed by its “twisted” application - thanks to Wall Street.
How do I reconcile what I believed in and hopefully be able to benefit from it?
So I chose to look at Bitcoin Mining stocks.
These companies form the backbone of Bitcoin (crypto) to ensure its running judiciously.
Is It Time?
With Bitcoin coming back into the limelight, the perennial question returns - is it time to get involve with Bitcoin again?
Marathon Digital Hldgs - Past month performance
On 08 Sep 2023, Marathon Digital Holdings Inc(MARA) was trading at $12.36.
The stock has seen a decline of -21.37% in the past month (see above).
The dip is (of course) is directly related to Bitcoin’s price movement.
Bitcoin’s price dipped as inflation-related fears resulted in investors shunning more speculative investments like (a) cryptocurrencies and (b) high-growth tech stocks.
Of late, it is trading higher again (see above).
I feel now is the time to monitor closely any Bitcoin mining stock/s that you like.
When it hits your “ideal” price buy-zone, get involved partially and continue to monitor again.
The possibilities are Marathon Digital, $Riot Blockchain, Inc.(RIOT)$ , $Bit Digital, Inc.(BTBT)$ , $Canaan Inc.(CAN)$ , $Hut 8 Mining Corp(HUT)$ , HIVE Blockchain Techologies Ltd.
In case you are interested, my other “PICK” posts. Please enjoy & give a “Like” ok. Thanks!
Win big on AI Relate stocks (SEIGY, PTC, TER) in Sept. Click here!.
AI stock AAPL September high? Data says so. Click here!
Google’s technical win in AI battle. Find out! Click here!.
Do you think Bitcoin will continue to rise with SEC losing the lawsuit?
Do you prefer to buy Bitcoin or Bitcoin mining stocks?
Please give a “LIKe”, “Share” and “Re-post” ok. Thanks. Rating is very important (to me).
Do consider “Follow me” and get firsthand read of my daily new post/s ok. Thanks.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Is Bitcoin really limited? Every day, they create more Bitcoin out of thin air just like the other 23,000 crypto "coins". They'll do this for another 120 years.
There is something wrong. Stopped by earlier. BC was over 27k up over 7% an niw it shows this.
Great ariticle, would you like to share it?
Great ariticle, would you like to share it?
Great ariticle, would you like to share it?
Great article you want to share it
BTC has generally proven to be profitable to numerous individuals around the world but personally you will never understand how profitable bitcoin is until you start investing with the right broker.
Would you consider "Follow me" and get first hand read of my Daily new posts? Thanks!). Tks!
I hope most of u own Eth btc is barely useful and burns a lot of energy
Bitcoin going down or just flat basically.