BlackRock and MARA Holdings Increase Bitcoin Holdings Amid Price Drop
According to Cointelegraph, BlackRock and MARA Holdings have significantly increased their Bitcoin holdings as the cryptocurrency's price experienced a decline. The iShares Bitcoin Trust by BlackRock is now backed by over $48.9 billion worth of Bitcoin. During this period, BlackRock acquired 7,750 Bitcoins while an anonymous whale purchased 600 Bitcoins when the price fell to $29,957 on December 5th.
MARA Holdings also made substantial purchases totaling 1,423 Bitcoins across four transactions between December 5th and 6th. This move follows MARA’s second convertible note offering valued at $850 million aimed at accumulating more Bitcoin. As per Arkham Intelligence data cited in the article, these acquisitions mark a significant increase in both companies' reserves.
Peter Schiff Criticizes Jim Cramer’s Optimism on Bitcoin
Benzinga reports that Peter Schiff has expressed skepticism regarding financial analyst Jim Cramer's positive outlook on Bitcoin after it surpassed the $100K milestone for the first time ever. Schiff likened Cramer's remarks about buying into cryptocurrencies to statements typically seen during market peaks.
Cramer had celebrated this historic achievement but clarified he wasn't calling it a top yet; instead, recommending allocating ten percent towards digital assets like BTC due to its potential value storage capabilities similar to gold alternatives, according to CNBC coverage mentioned within Benzinga’s report. However, Schiff remains unconvinced, attributing recent gains largely to government interventions and political payoffs rather than intrinsic merits driving prices upwards beyond initial expectations.
Sources:
- BlackRock, MARA Holdings, whale buys nearly 10K Bitcoin as price retreated
- Peter Schiff Questions Jim Cramer's Bullish Bitcoin Take As It Slumps From $100K: These Are Statements 'Made At Market Tops'
- Summers Blasts US National Bitcoin Reserve Idea as ‘Crazy’
- Bitcoin falls below $100,000 after reaching the milestone level for the first time
- Bitcoin price reaches $100,000 mark for first time ever
- Bitcoin, crypto stocks fall after token's surge above milestone $100,000 mark
