Browsing:Bitcoin

This Hedge Fund goes long on Bitcoin
3 weeks ago 1 min read

This Hedge Fund goes long on Bitcoin, short on MicroStrategy due to valuation doubts

Kerrisdale Capital is allocating funds to Bitcoin investments while simultaneously taking a position against MicroStrategy shares. The rationale for this move is the belief that the market value of MicroStrategy’s stock far surpasses its actual worth, which is mostly derived from its Bitcoin holdings. The hedge fund contends that MicroStrategy’s software business has become inconsequential in comparison to its Bitcoin holdings, making a little contribution to the company’s total value. Kerrisdale also examined MicroStrategy’s financial tactics, including leveraging debt and issuing more shares, which resulted in a rise in its Bitcoin holdings but a decrease in its Bitcoin per share

BlackRock and Fidelity Investments have reached a significant achievement with their Bitcoin ETFs,
1 month ago 1 min read

IBIT and FBTC Bitcoin ETFs become top picks at BlackRock and Fidelity in record time

BlackRock and Fidelity Investments have reached a significant achievement with their Bitcoin ETFs, IBIT and FBTC, becoming the leading options in their investment portfolio in less than 50 days. Despite overseeing a diverse portfolio of 420 ETFs, IBIT was responsible for more than 50% of BlackRock’s yearly net inflows. In the same way, FBTC had the highest amount of money coming into Fidelity, garnering five times more capital than any other fund. The consistent influx of funds into these Bitcoin ETFs over a period of 49 days highlights their remarkable performance, placing them in a select group of ETFs that

MicroStrategy adds $623M in Bitcoin
1 month ago 1 min read

MicroStrategy now holds 1% of Bitcoin after adding $623M in BTC

MicroStrategy’s Bitcoin holdings have grown to 214,246 after the company purchased 9,245 BTC for $623 million. The company purchased Bitcoin at an average price of $67,382 apiece, with the acquisition being financed by convertible notes and additional cash. Following the US SEC’s approval of eleven Spot Bitcoin exchange-traded futures (ETFs) in 2024, the value of Bitcoin surged to over $73,500, setting a new record. Additionally, MicroStrategy now own over 214,000 Bitcoins with an average investment cost of $35,160 per Bitcoin. The dedication of MicroStrategy to Bitcoin is unwavering, even if the value of Bitcoin has dropped significantly this week. Meanwhile,

Bitcoin's price has experienced a significant correction
1 month ago 1 min read

Over $700 million of short and long positions get liquidated as Bitcoin fell below $67,000

Bitcoin’s price has experienced a significant correction, trading below $67,000, a 8.9% drop in the last 24 hours. This has led to massive liquidations, with over $700 million long positions being liquidated. According to Coinglass, over $530 million in longs and $140 million in short positions have been liquidated, with $220 million in BTC longs being liquidated. Most liquidations occurred on Binance and OKX exchanges, with $248 million and $236 million respectively. Ethereum, the second-largest crypto in market cap, also dropped below $3,700, down 10% in the last 24 hours. The total net inflow of Bitcoin spot ETFs on March

Bitcoin (BTC) reached a new high of $73,709
1 month ago 1 min read

Bitcoin surges above $73,700 mark, reaching another high

Bitcoin (BTC) reached a new high of over $73,700, marking its fourth high in six days, driven by increased investments in US-based exchange-traded funds (ETFs) associated with the digital currency. The total net inflow into BTC spot ETFs reached an unprecedented $1.06 billion on March 12. Blackrock’s IBIT product amassed a record $849 million inflow. This renewed enthusiasm for crypto has boosted other digital currencies, with Ethereum seeing over 3.5% increase to around $4,080 and a 75% rise since the start of the year. Moreover, the Ethereum blockchain ecosystem is set to become more accessible with a significant software update

Cathie Wood of ARK Invest has revised her forecast that the price of Bitcoin will exceed $1 million by 2030
1 month ago 1 min read

ARK Invest’s Cathie Wood says Bitcoin will exceed $1M before 2030 amid ETF surge

Cathie Wood of ARK Invest has revised her prediction that the price of Bitcoin will exceed $1 million by 2030, citing the introduction of spot ETFs in the US and the increase in its value. Furthermore, Wood maintains that the advent of spot ETFs has had a substantial impact on the potential of Bitcoin, prompting her to reassert her confidence in its forthcoming expansion. Note that the approval of spot ETFs by the SEC is considered a turning point that accelerates ARK’s projections. Additionally, Wood notes that major financial institutions have not yet begun trading Bitcoin, which implies that the

Bitcoin Dogs Sets a New Standard in Crypto Amidst Bitcoin Surge
1 month ago 4 mins read

Bitcoin Dogs Sets a New Standard in Crypto Amidst Bitcoin Surge

London, United Kingdom, March 11th, 2024 Bitcoin has made history and cleared a new all-time high of $71K, the knock-on effect being a huge increase in the global crypto market cap that is now pushing toward the $2.7 trillion mark. Riding the current bitcoin wave, the first-ever presale on the Bitcoin network, Bitcoin Dogs, is now 5 days away from closing on the 15th of March, with over $9.7M in funds raised since its recent debut on the 14th of February. With experts suggesting evidence that a bull run began in 2023, there is optimism surrounding the cryptocurrency market among investors. The Bitcoin

BlackRock (IBIT) surpasses MicroStrategy in Bitcoin holdings
2 months ago 1 min read

BlackRock (IBIT) surpasses MicroStrategy in Bitcoin (BTC) holdings

BlackRock’s iShares Bitcoin Trust (IBIT) has seen a significant increase in its holdings, surpassing MicroStrategy’s Bitcoin (BTC) holdings by nearly 40 days. This week was the third-best week for IBIT, with 31,588 BTC added to BlackRock’s iShares Bitcoin Trust holdings. As a result, this puts the trust above MicroStrategy in Bitcoin’s rich list, which currently holds 193,000 BTC after its last purchase on February 26. Furthermore, MicroStrategy acquired its 193,000 BTC at an average price of $31,554, costing Michael Saylor’s company $6.09 billion. In addition, the formalization of BTC ETFs makes traditional finance more competitive in navigating the leading crypto’s

Tesla's Bitcoin holdings have seen a significant increase, with Arkham Intelligence revealing a total of 11,509 BTC
2 months ago 1 min read

Tesla’s surprise Bitcoin boost sparks speculation and future market impacts

Tesla’s Bitcoin holdings have seen a significant increase, with Arkham Intelligence revealing a total of 11,509 BTC, surpassing the amount disclosed in their last earnings call. Tesla has also made a fresh purchase of $5.94 million worth of Bitcoin, further fueling speculation and interest in their cryptocurrency strategy. In February 2021, Tesla invested $1.5 billion in Bitcoin and briefly accepted it as a payment method for their electric cars. However, the venture was short-lived as the company sold about 10% of its holdings in March 2021 and offloaded 75% of its Bitcoin stash in the second quarter of 2022 due

Binance to transfer large amount of Bitcoin (BTC) to another address as part of its wallet maintenance
2 months ago 1 min read

Binance to transfer large amount of Bitcoin (BTC) to another address as part of its wallet maintenance

Binance, the world’s leading crypto exchange, has issued a warning about large-scale Bitcoin transfers due to routine wallet maintenance. The exchange said it will be moving a significant amount of BTC to another address within its network. While announcing the move, the exchange reassured users that these transactions are part of internal operations and not indicative of any outward flow of funds. The crypto exchange has taken the proactive step of informing users and the wider crypto community about the impending transfers, as the crypto hit its all-time high of $69,050 before dropping to around $67,000.

El Salvador's Bitcoin (BTC) holdings exceed $60 million amid recent price surge
2 months ago 1 min read

El Salvador’s Bitcoin (BTC) holdings exceed $60 million amid recent price surge

El Salvador has capitalized on Bitcoin’s (BTC) recent price surge, surpassing the $64,000 mark with 2,848 Bitcoin in possession. In 2021, El Salvador became the first country to legalize Bitcoin as legal tender. In November 2022, the crypto crash led to significant speculation regarding the country’s financial stability. Following this, El Salvador suffered a $60 million loss. But now, reports say that El Salvador BTC holdings exceeds the $60 million as a result of Bitcoin surge. Nayib Bukele, the president of El Salvador, declared himself a champion of Bitcoin, garnering significant popularity both domestically and within the global crypto industry.

The market value of Bitcoin (BTC) had risen to $1.2 trillion
2 months ago 1 min read

Bitcoin (BTC) Surges Above $61,000 as Bull Rally Continues

On February 28 2024, the market value of Bitcoin (BTC) had risen to $1.2 trillion, up 6.5% in the last 24 hours, and the price had soared above $61,000. This comes as the combined trading volumes of almost $3 billion propelled the price increase on Tuesday, and several traders pointed to the bitcoin halving event as a fresh narrative that caused a rally before the halves. Since the early hours , over $40 million worth of future bets on lower Bitcoin prices have been liquidated, which could have contributed to the price increase. Since then major tokens such as XRP,

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