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- Nilam Resources, a mining company, recently filed for an LOI that would allow it to acquire a large amount of BTC.
- Bitcoin reacted positively, but sentiment continued to decline.
South American gold mining company Nilam Resources has announced that it will acquire 100% of the common stock of a “special purpose vehicle” and purchase 24,800 Bitcoins. [BTC] Through it, according to a letter of intent released on March 26th.
Focus on BTC
that’s right statement of intentthe company has entered into an LOI with Xyberdata Ltd to secure 100% ownership of the common stock of a special purpose vehicle to be named MindWave.
The company also owns other undisclosed digital assets, and the acquired digital assets will serve as collateral to secure funding for future projects undertaken by the company.
Elaborating on its intentions, Nilam Resources has partnered with prominent global companies such as MicroStrategy, which made its name investing in BTC.
The company also highlighted the continued rapid growth of the cryptocurrency market, naming Bitcoin the “gold standard” and the future of digital transactions.
BTC looks green
This development has proven to be very beneficial for Bitcoin, as its price has increased significantly in the past few hours and once again reached the $70,000 price level.
According to Santiment data analysis by AMBCrypto, King Coin’s social volume has skyrocketed in recent days. This shows that overall interest in Bitcoin is increasing on the social front.
However, weighted sentiment experienced a decline during this period. This shows that despite the surge in price and popularity, the majority of people are skeptical of BTC’s recent surge.
read bitcoin [BTC] Price prediction for 2024-2025
This negative sentiment surrounding Bitcoin could hinder BTC’s ability to appreciate going forward, especially as BTC approaches its all-time high of $73,750.07.
This negative sentiment and uncertainty may continue until the long-awaited half-life occurs.
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