Bitfarms buys $43.2 million in BTC
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TL;DR Breakdown
• Canadian crypto-mining awaits the rebound of the leading cryptocurrency.
• Bitfarms discloses that over 70 percent of its funds are in Bitcoin.
Recently the Canadian crypto-mining company Bitfarms has claimed that it has invested over $43 million in BTC. According to speculation, the firm believes that the time is right to invest in BTC or other cryptocurrencies before their value rises to a new ATH.
It is to be remembered that Bitcoin has lost over 12 percent of its value in the last month of 2021 and is still on a downward trend. Bitfarms is one of the last crypto companies to rank on the exchange, even though many crypto experts estimate that BTC investment at the moment is volatile.
Crypto-mining company bets on BTC
The Canadian firm located in the city of Toronto announced that it would continue to invest its funds in Bitcoin. Bitfarms currently holds 4,300 tokens valued at roughly $175 million. The figure has risen compared to the company’s storage for 2021, which showed that it had a valuation of $121 million.
According to the crypto-company, the team has taken advantage of the moment to transfer a significant part of its funds to Bitcoin. The CEO of the crypto company has clarified that this massive purchase is part of his strategies for the possible growth of the firm’s operations.
The Bitfarms’ valuation fell by over 4 percent in the proceedings leading to its announcement. But the company lost over 3 percent of its market shares in the last day. Perhaps the firm’s measures are risky, but it may be right after BTC starts its bullish streak.
Buying cryptos on Bitfarms amazes investors
Although a few people have given up hope regarding Bitcoin after its most recent bearish streak, companies like Bitfarms are seeing the bright side of the losing trend. The crypto company reportedly invested in the token after analytics firm MicroStrategy showed off its latest Bitcoin-focused adoption. The crypto analytics platform targeted around $94 million to purchase 2,000 BTC before the end of 2021.
The Canadian firm clarified that 70 percent of its funds are in Bitcoin after adjusting its system in August 2021. This big buy allowed the company to raise its valuation to over 120 percent, but it eventually fell with the Bitcoin crash.
Bitcoin is trading today, January 10, 2021, at $40,752, losing up to 13 percent of its value in the last week. The entire crypto market suffers from the fall of its main token, but this dark picture may end shortly. Ether is trading above $3,000, losing over 20 percent in the last seven days.
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