Marathon Digital Purchased 400 Bitcoin During the Decline

Bitcoin Market Experiences Shocking Decline

Marathon Digital Holdings (NASDAQ: MARA) took advantage of the market turbulence last Friday by purchasing approximately 400 Bitcoin valued at 45.9 million dollars. According to data compiled by Arkham Intelligence, the firm now holds around 52,850 Bitcoin, worth approximately 6.06 billion dollars.

Impact of U.S.-China Tensions

Bitcoin experienced a sharp decline of about 13% due to escalating trade tensions between the U.S. and China. This drop created a global risk-off wave in the markets, leading to the liquidation of around 65 billion dollars in open positions. However, some market observers suggest that the primary reason for this crash was the depreciation of assets resulting from internal issues on the Binance platform.

As of the time of writing, Bitcoin is trading at 114,800 dollars and has recorded a 3% increase in the last 24 hours. With the easing of trade war tensions between Washington and Beijing, analysts indicate that Bitcoin's weakness in surpassing long-term resistance levels could potentially open the door for a new 100,000 dollar test.