MARA Plans Boosting Bitcoin Holding With $700 million Debt

Posted on December 2, 2024 by Olumide Adesina

MARA Holdings, a Bitcoin mining company, plans to offer $700 million in senior notes with a zero percent conversion rate due in 2030 to eligible institutional buyers. A further $105 million in notes may be made available to initial purchasers within 13 days of the notes’ issuance.

MARA intends to repurchase a portion of its 2026 convertible notes through private transactions using up to $50 million from the note sale. According to the official press release, the remaining funds will be used for general purposes such as working capital, strategic acquisitions, asset expansion, debt repayment, and the purchase of additional Bitcoin.

The company anticipates that the notes will be issued with no interest and that the principal amount will stay constant except in exceptional circumstances where special interest may be applicable. The notes, have a 2030 maturity date and can be converted into cash, stock, or both.

This strategy aids MARA in strengthening its balance sheet by substituting long-term debt for short-term commitments and keeping up its investment in digital assets. Less than a week has passed since MARA purchased 6,474 Bitcoin at zero percent interest from its $1 billion convertible note offering.

The company further disclosed it had purchased $200 million worth of its 2026 notes and intended to use the remaining $160 million to buy more Bitcoin at better prices when the market declines.

MARA Holdings recently positioned Bitcoin as essential for financial sovereignty and national security, urging US lawmakers to lead the way in mining the cryptocurrency. The mining company compared Bitcoin to gold as a store of value, emphasizing its limited supply, decentralization, and cross-border transferability.

MARA maintained that regulating Bitcoin’s hash rate and block space would guarantee safe transactions and stop “adversarial” countries from manipulating it. The company suggested that the US prioritize renewable energy, build on its Bitcoin mining infrastructure, and lessen its dependency on foreign ASIC chips.

MicroStrategy’s Bitcoin stash Hit Over $39 billion After Recent Purchase

Posted on December 2, 2024December 2, 2024 by Olumide Adesina

Michael Saylor announced that MicroStrategy had made a sizable acquisition of Bitcoin shortly after proposing the cryptocurrency to Microsoft.

Saylor disclosed that MicroStrategy had paid $1.05 billion for 15,400 Bitcoin, with an average per-coin purchase price of $95,000 on December 2. MicroStrategy now owns about 402,100 BTC, worth over $39 billion. MicroStrategy has invested $234.4 billion in Bitcoin purchases averaging $58,263 per coin. Over $15 billion in unrealized gains were made by the company since it started collecting Bitcoin.

This ongoing accumulation approach demonstrates Michael Saylor’s steadfast faith in Bitcoin’s potential. Markets historically have been slow to react to MicroStrategy’s acquisitions but have done so favorably with a steep price increase, indicating a potential change in the market dynamics.

Bitcoin miner Marathon Digital and Tokyo-based Metaplanet are among those that the company’s approach has influenced. Both businesses have taken comparable strategies to fund Bitcoin purchases.

According to the company’s announcements, investors who own Metaplanet stock will even receive Bitcoin as a reward. The announcement of Marathon’s new proposed $700 million private convertible note offering with a $105 million extension option just before Saylor’s disclosure.

Marathon stated that the capital raise proceeds would primarily be used to purchase additional Bitcoin and start note buybacks. A strong supporter of Bitcoin, Saylor has persisted in encouraging its uptake. He reaffirmed his position as a leading proponent of corporate cryptocurrency investment last weekend when he presented Bitcoin to the Board of Directors of Microsoft.

XRP 7-Year High, Market Valuation Smash $155 billion

Posted on December 2, 2024December 4, 2024 by Olumide Adesina

XRP maintained its upward trajectory into Monday, reaching $2.7, the highest price since January 2018.

The Ripple-based token is up 45% over the last day and 92% on the week, bringing its 30-day jump to 436 percent. It is currently trading at $2.7 after reaching a seven-year high on Saturday,

The cryptocurrency’s market capitalization has skyrocketed to $155 billion, surpassing Tether’s USDT, the top dollar-pegged stablecoin, as the third-largest digital asset globally. Rekindled interest in XRP is probably fueled by recent trends in the cryptocurrency on TikTok, rumors that a stablecoin issued by Ripple will be approved, and the potential for an exchange-traded fund (ETF).

Globally, XRP’s trading volumes have increased dramatically. Upbit, the largest cryptocurrency exchange in South Korea, recorded a record $4 billion in volume for the XRP-won pair in a day. Coingecko, data showed such represented over 27% of the exchange’s overall trading volume.

The record-breaking activity in the XRP market coincides with the Democratic Party of South Korea’s decision on Sunday to postpone by two years its plan to impose a crypto capital gains tax in 2025.

Markus Thielen, the founder of 10x Research, wrote in a note to clients on Monday that the tax, initially scheduled for 2021, has been delayed several times. “This delay is crucial because it eliminates a significant barrier to speculative trading, opening the door for another round of intense cryptocurrency speculation. “.

Donald Trump’s election victory last month sparked an increase in the Ripple-linked cryptocurrency, but it really took off after Gary Gensler, the chair of the Securities and Exchange Commission (SEC), announced his resignation on January 20, 2025.

Gensler has spearheaded the agency’s investigation into cryptocurrency companies purportedly selling unregistered securities, such as Ripple Labs, whose founders developed XRP. With Gensler leaving, supporters of XRP think that regulatory clarity is on the horizon, making it easier to identify XRP exchange-traded funds (ETFs) and other possible financial products.

Coinbase Exits Turkey

Posted on December 2, 2024 by Olumide Adesina

Turkey’s financial regulator announced that Coinbase had withdrawn its pre-application to join the Turkish cryptocurrency market, listing the company as one of those seeking liquidation.

Coinbase applied to join the Turkish market in August. KuCoin and Gate. io were among the other notable blockchain and cryptocurrency companies that joined the rush. Turkey is home to one of the biggest cryptocurrency markets in the world.

The American company said ‘Coinbase’s dedication to offering secure, dependable, and easily accessible cryptocurrency services across the globe includes a constant evaluation of prospective markets for growth. We make sure that our efforts are in line with external developments and Coin base’s overarching mission by keeping our strategy flexible in response to changing market conditions, regulatory environments, and internal priorities. “

Turkey is in fourth place worldwide in terms of overall trading volume. Additionally, it is ranked 11th on the “2024 Global Crypto Adoption Index,” an aggregate score that measures important adoption drivers, according to industry analytics firm Chainalysis.

The American-listed crypto exchange indicated an interest in Turkey’s growing cryptocurrency market. The company has not provided a statement regarding the reason for its withdrawal, which is still unknown.

Coinbase also said it would stop offering USDC rewards in the European Economic Area (EEA) on December 1st, citing compliance with the MiCA regulation Companies like Bitfinex, Bitbns, Bitlo, OKX, and Rain Software are still looking for licenses to provide custody services in Turkey.

US Government Transfers Bitcoin Worth $2 billion to Coinbase

Posted on December 2, 2024 by Olumide Adesina

Arkham, an on-chain data platform with blockchain intelligence, claims that a wallet connected to the U. S government has transferred Bitcoin valued at almost $2 billion to a new address.

The government-labeled wallet transferred the Bitcoin to an unidentified wallet before the chunk was divided into two addresses.

An initial test transfer of 0.001 BTC, worth $97, was made to a Coinbase Prime deposit address as part of the recent transaction. This was followed by a larger transfer of 19,800 BTC, or roughly $1.9 billion, to an intermediary wallet before it arrived at Coinbase.

Arkham identified a wallet in July belonging to the U.S. government that transferred $2 billion worth of Bitcoin to two different addresses. Bitcoin witnessed a heavy sell-off pressure, which coincided with this transfer.

The Bitcoin holdings in the wallet are connected to the asset seizures from Silk Road, a well-known dark web marketplace that, before its closure in 2013, enabled the illegal trade in drugs and weapons. In addition to other cryptocurrency assets like ETH (roughly $217 million) and USDT ($122 million), US authorities still held about $18 billion worth of Bitcoin at the time of reporting.

Forex Signals Brief December 2: A Light Week Ahead Until the NFP Employment on Friday

Posted on December 2, 2024December 1, 2024 by Skerdian Meta

This week the economic calendar will be light, until the release of the Non-Farm Payrolls on Friday, which is where the market focus is.

Continue reading “Forex Signals Brief December 2: A Light Week Ahead Until the NFP Employment on Friday” →

XRP Surpass Solana After Smashing $2 Mark

Posted on December 1, 2024December 2, 2024 by Olumide Adesina

XRP surpassed $2 for the first time in nearly seven years and displaced Solana in market valuation.

XRP has now increased its weekly gain to 50%. The token increased by more than 315 percent in the last 30 days, quadrupling. XRP has surpassed Solana to take the fourth-highest spot among all digital assets with a current market value of $121 billion, Solana’s market value was approximately $112 billion.

The cryptocurrency continued its weekend upswing into Sunday. The price of XRP at $2.16 was the highest level since January 2018, the first time it has surpassed the $2.00 milestone in the same time frame.

Investors are confident that XRP will encounter fewer obstacles in the future due to the upcoming regime change, and it may be used for spot exchange-traded funds (ETFs) and other financial use cases. The price of XRP is still down about 41% from its peak of $3.40 in January 2018, but it’s closer than it has been in almost seven years. XRP’s long-term potential is gaining momentum, and Ripple’s leadership is still hopeful that its legal battle with the SEC will be successful.

XRP has risen in recent weeks due to a number of fundamental and regulatory developments; bulls are now aiming for the $2.2 mark as a sign of the token’s renewed strength.

The bullish action on Sunday followed a report by Fox Business that the New York Department of Financial Services had approached payments company Ripple, which is closely associated with XRP, regarding approving the company’s RLUSD stablecoin.

Ripple will be able to lawfully sell the RLUSD token to the general public, with a potential December 4 launch date. The increase began in early November following trump’s win. Elections restored investor trust in U.S.-related tokens. like Ripple Labs, which is closely related to XRP.

Some traders also anticipate an XRP exchange-traded fund (ETF) In the United States, particularly those hoping for a more relaxed regulatory framework.

XRP could overtake Tether, which is currently valued at $124 billion, and become the third-largest cryptocurrency by market capitalization, behind the top two, Bitcoin and Ethereum, if its price rises to $3.04, which would give it a market cap of $193 billion. It is important to note that XRP was more valuable than Ethereum prior to the Ripple SEC lawsuit starting in 2020.

Cardano Network Activity Continues To Rise

Posted on December 1, 2024 by Olumide Adesina

Cardano network activity continues to rise, amid high buying pressures matching 2022 levels.

The altcoin is among the top 10 cryptocurrencies on the market valuation spectrum. The bullish thesis is supported by a key on-chain metric that has increased to levels not seen in more than two years.

The most recent on-chain data from IntoTheBlock shows a remarkable increase in network activity, with over 840,000 transactions recently recorded, resulting in 279,000 ADA in total fees. This spike in usage indicates greater interest and adoption within the Cardano ecosystem, matching levels last observed in March 2022.

$ADA was primarily utilized as a speculative asset. Nonetheless, the number of holders of $ADA increased steadily between July 2022 and the present. This shows that people are becoming more confident in the Cardano ecosystem and blockchain.

ADA has been among the top-performing cryptocurrency assets, regaining the pivotal $1 threshold. Major ADA investors purchased more than 130 million tokens, valued at about $130 million, during the slight moderation seen last week

Cardano recently achieved a significant milestone on the ecosystem side when its first zero-knowledge (ZK) smart contract, Halo2, was successfully deployed on the mainnet using the Plutus v3 ledger language. This change permits integration with partner chains such as Midnight and zero-knowledge applications.

The Input-Output (IO) Research team showcased Halo2’s capabilities By validating 50 out of 90 signatures on the mainnet using the Ad-hoc Threshold Multi-signatures scheme (ATMS on November 25. The transactions included a 2.03 ADA fee for unlocking the funds following proof verification and a 0.16 ADA fee for locking the funds.

Traditional Investors Now Prefer Ethereum to Bitcoin

Posted on December 1, 2024 by Olumide Adesina

Ethereum spot ETFs surpass Bitcoin ETFs during the ETH price surge, reaching a historic milestone with a $333 million daily inflow.

Ethereum spot ETFs had $332.92 million in daily net inflows in November surpassing the $320.01 million of Bitcoin spot ETFs for the first time since their launch, according to data from SoSoValue.

This development comes when Ethereum’s price has broken the $,3,600 resistance line, while Bitcoin has barely moved above $97K. Ethereum ETFs started to trade on July 23 in the world’s largest economy. These ETFs are authorized by the U.S. Securities and Exchange Commission, which includes goods from renowned financial firms like Grayscale, Fidelity, and BlackRock, among others. They give them exposure to the price of the cryptocurrency without requiring investors to hold Ethereum directly.

ETH has demonstrated growing bullish sentiment by setting up solid support levels at $3,300 and $3,5000 support lines. Important moving averages, including the 50, 100, and 200 EMAs, point upward, support the positive momentum. After breaking out of a consolidation phase, there was a rally in early November, and the current price of $3,565 is still just below testing resistance at $3,800.

Ethereum’s ascent and BTC’s waning dominance may portend a more significant change in the cryptocurrency market. Investors seem to be diversifying their holdings to capitalize on opportunities presented by cryptocurrencies other than Bitcoin. This pattern might also be a sign that the market is maturing and that investors are now considering cryptocurrencies on their own merits rather than just Bitcoin.

The Ethereum Foundation (EF) has declared a significant financial commitment, allocating “tens of millions” of dollars to the development of zero-knowledge Virtual Machines (zkVMs), that will improve the Ethereum ecosystem’s scalability and security.

Ethereum On Bulls Power, Eyes $4,000 Mark

Posted on November 30, 2024 by Olumide Adesina

The crypto market’s renewed enthusiasm after Donald Trump’s election victory boosts Ethereum’s comeback.

Recent price movements indicate that Ethereum may see more profitable trades that break through the $3800 barrier and support the notion that the bullish trend will continue in the coming sessions. This serves as a reminder that buyers’ next target is $4000.

Ethereum’s cumulative short liquidations experienced a sharp jump, signaling a significant price milestone that could have a cascading effect if broken. The sheer number of potential liquidations, coupled with the large number of traders betting against ETH’s bullish trend amid increased market leverage.