A whale’s appetite – Bitfarms, the Canadian cryptocurrency mining company, is jumping on buying opportunities currently offered by Bitcoin (BTC) markets in the red, to stock up on BTC at low prices.
1,000 more BTC for Bitfarms: Sale Days on Bitcoin
Bitfarms kicks off 2022 with a massive purchase of bitcoins. The company indicated in a tweet on January 10, 2022 that it had acquired 1,000 BTC for an amount of 43.2 million dollars, during the first week of January 2022. Its stock of bitcoins on the date of this announcement therefore now amounted to 4,300 BTC.
Bitfarms CEO Emiliano Grodzki explained the company’s strategy of ” accumulate the most bitcoins at the lowest costs » and as quickly as possible, in order to benefit the shareholders. The company has, according to Grodzki, “seized the opportunity to move liquidity into BTC,” as the price of bitcoin plunges and “mining hardware prices remain elevated.”
Is Bitfarms right to bet so much on bitcoin when the latter starts the year 2022 in the red ?
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Domination of the bears, hidden game of the bulls: what prospects for bitcoin in 2022?
bitcoin made a foray below $40,000 on the 10th January 2022. Some analysts now expect a bitcoin death cross, which corresponds to the transition of its 50-day moving average of Bitcoin from that of 200 days.
This death cross was in the past as well followed by a bullish recovery than a bear market. Historically, it gave way to a significant bearish phase in the BTC markets, if the price of bitcoin does not recover within three months after the death cross.
Macroeconomic factors in 2022 appear to be less favorable for Bitcoin at the moment compared to 2021. The US Federal Reserve (FED) wants to regain control of inflation with a reduction in its asset purchases and a hike interest rates.
These measures taken by the FED could damage safe havens like bitcoin. Other analysts, however, defend predictions of a bitcoin at $100,000, a missed meeting according to them in 2021 but which is in fact only postponed for 2022.
Bitfarms is not the only crypto company to see this threat of a bear market as an opportunity to accumulate the maximum amount of bitcoins. Binance also hoarded bitcoin, dancing with the bears in the markets.
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