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Data shows that the Paper Bitcoin inventory on exchanges has been on a decline recently. Here’s what it could imply for the cryptocurrency’s price. Bitcoin Inventory On Exchanges Has Seen A Drawdown Recently In a new post on X, analyst Willy Woo has discussed the latest trend in the Bitcoin inventory sitting on centralized exchanges. [...]
The post Paper Bitcoin On The Decline: What It Means For BTC appeared first on Crypto Breaking News.
The open-source Bitcoin education platform founded in El Salvador moves two members of its in-house talent one a native Salvadoran into supervisory positions.
Mi Primer Bitcoin aims to educate 100,000 students globally by leveraging its decentralized Light Node network across 20+ countries. (Read More)
The Bitcoin advocate aims to influence the political leader to consider Bitcoin a viable and strategic component of the national economy.
Mow aims to influence the political leader to consider Bitcoin a viable and strategic component of the national economy.
Stablecoin issuer Tether has expanded its mining endeavors by collaborating with Swan’s Managed Bitcoin Mining service. According to the press statement, the firm has dedicated an undisclosed amount of substantial capital to establish its Bitcoin mining operations through Swan. Swan’s Managed Bitcoin Mining allows institutional investors to commit a minimum of $100 million to the […]
The post Tether partners with Swan to expand Bitcoin mining operations appeared first on CryptoSlate.
Stablecoin issuer Tether, a prominent player in the cryptocurrency market behind the widely used USDT stablecoin, has released its audit statement for the first quarter of 2024, accompanied by a report conducted by independent accounting firm BDO. The report, which provides additional financial information beyond the reserves backing Tether’s fiat-denominated stablecoins, shows the company’s profit for the first quarter of the year, which saw an increased influx of capital into the market. Tether Q1 2024 Financials Soar Digging into the numbers, the first quarter of 2024 proved highly profitable for Tether, with a net profit of $4.52 billion. The main contributors, the entities responsible for issuing stablecoins and managing reserves, reportedly generated approximately $1 billion of this profit from net operating gains, primarily from US Treasury holdings. The remaining profits were attributable to mark-to-market gains on Bitcoin (BTC) and gold positions. Related Reading: Bitcoin Price Dips Below $57,000: 4 Key Reasons The report also highlighted Tether’s success in increasing its direct and indirect holdings of US Treasuries to over $90 billion. This includes indirect exposure through overnight reverse repurchase agreements collateralized by US Treasuries and investments in US Treasuries through money market funds. In a sign of significant growth, Tether also disclosed its net equity for the first time, revealing a figure of $11.37 billion as of March 31, 2024. This is an increase from the $7.01 billion equity reported as of December 31, 2023. The report also highlighted a $1 billion increase in excess reserves, which support the company’s stablecoin offerings, bringing the total to nearly $6.3 billion. CEO Emphasizes Transparency And Stability The BDO confirmation reiterated that Tether-issued tokens are 90% backed by cash and cash equivalents, underscoring the company’s stance on maintaining liquidity within the stablecoin ecosystem. Furthermore, the report revealed that over $12.5 billion worth of USDT was issued in the first quarter alone. Tether Group’s strategic investments, which exceed $5 billion as of the report date, span various sectors, including artificial intelligence (AI) and data, renewable energy, person-to-person (P2P) communication, and Bitcoin Mining. Related Reading: Machine Learning Algorithm Predicts Dogecoin Price For May 2024 In response to the latest report, Paolo Ardoino, CEO of Tether, expressed the company’s commitment to transparency, stability, liquidity, and responsible risk management. Ardoino highlighted Tether’s record-breaking profit benchmark of $4.52 billion and the company’s efforts to increase transparency and trust within the cryptocurrency industry. Ardoino further claimed: In reporting not just the composition of our reserves, but now the Groups net equity of $11.37 billion, Tether is again raising the bar in the cryptocurrency industry in the realms of transparency and trust. Featured image from Shutterstock, chart from TradingView.com
“I’m going to put my money where my mouth is,” the Democratic presidential candidate said as he doubled down on his support for Bitcoin.
Democratic presidential candidate Robert F. Kennedy Jr. has confirmed he purchased a significant amount of Bitcoin (BTC), earlier this year — buying two BTC for each of his seven children. Speaking in a July 26 Twitter space, Kennedy said the decision came after he received “a lot of criticism” from crypto industry pundits and the [...]
The post Robert Kennedy Jr. admits to buying 2 Bitcoin for each of his 7 children appeared first on Crypto Breaking News.
A U.S. lawmaker has introduced the Blockchain Regulatory Certainty Act to ensure that developers and non-custodial service providers in the crypto space are not considered money transmitters and are not subject to the same level of regulation as custodial cryptocurrency exchanges. “The longer we delay providing this commonsense clarification, the greater risk that this transformative [...]
The post US Lawmaker Introduces Bill to Affirm Blockchain Developers and Non-Custodial Services Are Not Money Transmitters appeared first on Crypto Breaking News.
Renowned bitcoin investor and venture capitalist, Tim Draper, envisions a future where bitcoin emerges as a formidable competitor to the world’s fiat currencies. During a recent interview with Fox News, Draper argued that bitcoin’s inherent safety and superiority surpass those of traditional banking systems and government-controlled fiat currencies. Venture Capitalist Tim Draper Says Bitcoin Is [...]
The post Tim Draper Predicts Bitcoin Will Outpace Fiat Currencies, Asserts Its Superiority Over Traditional Banking appeared first on Crypto Breaking News.
Grayscale Investments, the digital assets investment firm behind the Grayscale Bitcoin Trust (OTCMKTS: GBTC), has unveiled a new broker dealer unit that will henceforth create and issue shares of its flagship crypto trust to investors.
The new unit is dubbed Grayscale Securities, which is a wholly-owned subsidiary of Grayscale and now the latest affiliate of the Trust. The platform will take over from Genesis Global Trading, a sister company of Grayscale.
Both firms are owned by crypto-focused venture capital company Digital Currency Group.
Termination of agreement with GenesisAccording to an announcement published on Monday, 3 October 2022, Grayscale Securities is a Delaware Limited Liability Company registered with US Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority (FINRA).
Grayscale Securities is now the Authorised Participant, distributor and marketer of the bitcoin trust shares, effective 3 October 3, 2022, Grayscale noted in the document filed with SEC.
Grayscale’s formation and subsequent use as distributor and marketer, means it has terminated its agreement with Genesis, which dates back to 15 November, 2019. The company has also dropped Genesis as its Authorised Participant, ending a deal signed on 11 January 2019.
However, while Grayscale Securities takes over the two roles, Genesis will continue to be a Liquidity Provider of the Trust, according to the document.
The SEC rejected Grayscale’s application to convert its GBTC into a spot Bitcoin (BTC) exchange-traded fund (ETF) in late June this year.Grayscale sued the regulator over the denial, and as reported by Invezz, the Grayscale’s chief legal officer Craig Salm noted the litigation could drag for up to two years.
The post Grayscale’s new broker dealer for Bitcoin Trust replaces Genesis appeared first on Invezz.
Cryptocurrency exchange platform CoinCorner and Seed Group, a firm owned by the royal family of Sheikh Saeed bin Ahmed Al Maktoum of the United Arab Emirates, are teaming up to offer Bitcoin trading in the UAE, across the Middle East.
This is huge news for the crypto industry, especially with Dubai’s increasing stature as a global destination for companies in the digital assets space.
CoinCorner to bring instant Bitcoin transaction to UAEThe strategic partnership between the British financial services provider and the Al Maktoum family office was announced via a press release both companies published on Wednesday.
We are excited to announce our partnership with Seed Group, a company of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, to facilitate #Bitcoin transactions in the UAE ????
Read the full announcement on our blog… https://t.co/5rNvGgIFSJ
The deal will help Seed Group support CoinCorner’s operations in the country, with the crypto exchange setting up a user-friendly trading desk to allow for easy access to services. The platform will allow UAE residents to buy, sell, and store Bitcoin (BTC)among other transactions, the two firms noted in the announcement.
Danny Scott, co-founder of CoinCorner, commented:
“We are pleased to enter into a mutually beneficial partnership with Seed Group. The collaboration will help propel our business interests and goals in the MENA region through the group’s support and a strong base of regional connections.”
Isle of Man-based CoinCorner launched its operations in 2014. In January 2021, the platform added support for Lightning Network, a Bitcoin scaling solution developed to allow for faster and cheaper BTC transactions amid the push for greater mass adoption.
According to Scott, the partnership will help CoinCorner bring Bitcoin to more people, making the BTC transactions the “new normal” across the UAE and the Middle East.The exchange could tap into its suite of unique solutions, including the recently announced Bolt Card to offer access to instant and frictionless Bitcoin payments.
The post CoinCorner partners Seed Group to offer Bitcoin trading in UAE appeared first on Invezz.
In the latest bitcoin news MicroStrategy purchased 310 Bitcoins, and crypto lending protocol Maple Finance launched a $300 million lending pool for Bitcoin mining firms.
Bitcoin (BTC/USD) is the largest cryptocurrency in terms of market capitalization, and its price movements will typically send ripples throughout the entire blockchain space.
MicroStrategy purchases and Maple Finance lanch as catalysts for growthMichael Saylor made an announcement on September 20, 2022, that Microstrategy purchased an additional 301 Bitcoins for $6 million, where the average cost per Bitcoin is $19,851.
What this means is that MicroStrategy now holds 130,000 Bitcoins, which were acquired for a total of $3.98 billion at an average price of $30,639 per bitcoin.
Furthermore, the institutional crypto lending protocol known as Maple Finance, as well as its delegate Icebreaker Finance made an announcement that they will provide up to $300 million worth of secured debt financing to the public as well as private Bitcoin mining firms.
Both of these updates indicate that the interest in Bitcoin (BTC) is far from over, which could drive demand and value for the cryptocurrency further.
Should you buy Bitcoin (BTC)?On September 21, 2022, Bitcoin (BTC) had a value of $18,887.
To get a better perspective about its current price point and future growth potential, we will be going over its all-time high and performance throughout the previous month.
The all-time high of the Bitcoin (BTC) cryptocurrency was on November 10, 2021, when it reached a value of $69,044.77.
When we go over the performance of the cryptocurrency throughout the previous month, Bitcoin (BTC) had its highest point of value on August 15 at $24,887.19. Its lowest point of value, however, was on August 29 at a value of $19,616.81.
Here, we can see a decrease in value of $5,270.38 or by 21%.
However, since then, the cryptocurrency has decreased further and is worth $18,887.
With the recent updates and developments surrounding the Bitcoin (BTC) cryptocurrency and blockchain space as a whole, investors might want to buy Bitcoin as it can climb to $22,000 by the end of September 2022.
The post MicroStrategy buys 301 BTC, what’s next for Bitcoin? appeared first on Invezz.
In this Ethereum price prediction article, we take a look over whether Ether will crash or stay in consolidation. Is ETH better than BTC?
One year after the adoption of Bitcoin as an official currency, the town of Chalatenango in the north of El Salvador will host the first private, solar powered bitcoin mining farm in the Central American nation.
The funding comes via a Swiss consortium working with Salvadorian Josué López, who is originally from the town, and has chosen to invest in his home nation.
Will GBTC get to become the first US-based spot bitcoin ETF? The euphoria from six months ago turned into Grayscale hinting that it might sue the SEC if its request is denied. Currently, the climate dictates that the answer will probably be negative, but the company is not giving up. According to CNBC, Grayscale “met privately with the Securities and Exchange Commission last week in an effort to persuade the regulator to approve the conversion of its flagship fund into an ETF.” Related Reading | Grayscale Removes Bancor (BNT) And Universal Market Access (UMA) From Its DeFi Fund The Grayscale Bitcoin Trust, also known as GBTC, “holds roughly 3.4% of the world’s bitcoin and is owned by more than 850,000 U.S. accounts, according to Grayscale.” For more than a year it has traded at around a 25% discount to BTC’s price. According to Grayscale, at the moment that the SEC approves the product’s transformation into an ETF, the discount will end and it will unlock “up to $8 billion in value for investors.” Take into account that VanEck’s, BlockFi’s, and other recent applications for a spot bitcoin ETF have been rejected. And that Grayscale has been applying to get one since 2017. This time around, the SEC has until July 6th to approve or deny the GBTC application. What Would Happen If The GBTC Turns Into An ETF To answer this question, Grayscale made “a 24-page presentation” for the SEC. Some graphs from the document are in the CNBC report, although in low resolution. In general, the GBTC’s transformation into a spot bitcoin ETF “would open them up to ordinary investors in a familiar wrapper that trades like a stock.” The main argument from Grayscale is that a bitcoin futures ETF already exists, and the “SEC is discriminating against issuers” by not letting any company create a spot bitcoin ETF. “ Grayscale contended that a spot bitcoin ETF is “no riskier” than futures-based ETFs, because the two markets are both affected by the underlying price of bitcoin and track each other closely.” Back in April Grayscale’s CEO, Michael Sonnenshein, felt more litigious when he said: “If the SEC can’t look at two like issues, the futures ETF and the spot ETF, through the same lens, then it is, in fact, potentially grounds for an Administrative Procedure Act violation.” The SEC visit and the threat of legal action have not been Grayscale’s only weapon. According to CNBC, to help transform the GBTC into an ETF, “the investment firm has helped coordinate a public letter-writing push, flooding the SEC with more than 3,000 letters in support of its application.” GBTC price chart on FTX | Source: GBTC/USD on TradingView.com How Would A Spot Bitcoin ETF Affect The Market? Opinions vary. There are institutions that can’t invest in bitcoin as an asset, but could definitely put their money in an ETF. Some believe that the sudden influx of funds that these people would bring would send bitcoin’s price to the moon. Unlike a future ETF which only holds future contracts, a spot ETF would have to buy the bitcoin it’ll represent. So, the money would definitely enter the bitcoin ecosystem. Related Reading | SEC, Ripple Agree To Extend Legal Battle Until 2023; XRP Bears The Brunt Of Case On the other hand, Bitcoiners don’t see what they deem as “paper bitcoin” with good eyes. The financial instrument would represent bitcoin, but the ETF isn’t the asset per se. This brings forth certain vulnerabilities to the bitcoin network. The “paper bitcoin” could be considered inflation and something akin to fractional reserve banking is technically possible. In any case, neither group has the finger on the trigger. The SEC and only the SEC does. Featured Image by Aymanejed on Pixabay | Charts by TradingView
When a Lamborghini owner didn’t have cash on them to pay for their repair job, they used Bitcoin to pay Kansas City welder JayFab.
If you are in the crypto space, you’ve heard of Michael Saylor. Here’s more about him and how he has been influential for Bitcoin. Covered: Michael Saylor’s Early Life MicroStrategy Bitcoin Investments (The Michael Saylor Way) Michael Saylor’s Early Life Michael J. Saylor is a native of Lincoln, Nebraska, and was born on February 4, […]
The post Who is Michael Saylor? appeared first on CryptosRus.
Inflation is feared in markets worldwide. It not only affects economies in different countries, but also cryptos. Is inflation bad for Bitcoin?
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