Bitcoin Price Soars 2% Amid Marathon Digitals $250M Bet, And Analysts Say This New ICO Is Among The Best Crypto Presales To Buy Now
The Bitcoin price soared 2% in the last 24 hours to trade at $59,133 as of 03:42 a.m. EST on trading volume that surged 23% to $34 billion.
This comes as Marathon Digital Holdings, Inc., one of the world’s largest Bitcoin mining firms, announced its plans to privately offer $250 million in convertible senior notes due 2031. The private offering is targeted at qualified institutional buyers.
The firm aims to use the proceeds to acquire Bitcoin as well as corporate growth.
Marathon Digitals also has the option to increase the offering by an additional $37.5 million. Depending on market conditions. These notes are set to mature in 2031, with interest payments starting in 2025.
Bitcoin Price Could Sustain Its Rally
The Bitcoin price has been in a sustained rally in the last week, soaring 7%, according to data from GeckoTerminal .
BTC has been trading within the rising channel pattern, with the price surging over the channel once as it rose to the $62,500 resistance.
The bulls now aim for a sustained rally over the channel, as BTC climbs over the 50-day Simple Moving Average (SMA). A sustained rally could propel the price of Bitcoin to the upper boundary of the channel, and within the 200-day SMA at $62,532.
If this momentum continues, the price of Bitcoin could soar above the rising channel, as the bulls target $66,700.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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