Metaplanet’s Bitcoin holding hit $64 million

Posted on November 13, 2024 by Olumide Adesina

Metaplanet now has a total investment of $64 million in Bitcoin after purchasing over 156 BTC for about $10 million in October alone.

The Japanese business revealed that its Bitcoin holdings have increased by $28 million since it started purchasing the asset, outpacing the company’s market capitalization at the beginning of the year.

The Tokyo-listed company nicknamed “Asia’s MicroStrategy,” Metaplanet plans to consider Bitcoin derivatives, to increase margins, generate premium income, and grow its holdings.

A Q3 financial report shows that the Tokyo-based company has more than doubled its Bitcoin acquisitions, going from 492.82 BTC to 1,018.17 BTC by mid-November.

This approach has worked well for the company as it coincides with a new cryptocurrency rally this year. Bitcoin has increased by over 105% this year.

However, Metaplanet reported a net loss of $2.1 million for the nine months ending September 30, 2024, which is an improvement over a loss of $2.7 million during the same period last year, despite a surge in its Bitcoin holdings.

Metaplanet’s hotel business and digital asset ventures drove a 46.3% year-over-year increase in revenue to $1.07 million. The company did raise more than $26.7 million this year through bond offerings and stock issuances.

Tesla’s Bitcoin stash worth $1 billon

Posted on November 13, 2024November 13, 2024 by Olumide Adesina

Tesla continues to profit from its bets on Bitcoin. According to Arkham Intelligence data insights, the company’s Bitcoin holdings have unexpectedly regained the $1 billion valuation milestone.

This increase in the portfolio helps offset the company’s recent selloffs. Arkham Intelligence data indicates that Tesla holds 11,509 Bitcoin units on the Coinbase Prime platform. The Bitcoin stash is worth precisely $1 billion with Bitcoin’s prevailing price at $87K

Tesla made a few sales in the following years causing the portfolio to fall below the $1 billion benchmark after buying $1.5 billion worth of Bitcoin in Q1 2021.

The electric car marker has not sold its remaining Bitcoin holdings, a wise decision because the company benefits from the current bull market surge.

Institutional firms like MicroStrategy are purchasing more Bitcoin these days. It’s unclear if Tesla will take further action to buy more shares in light of this trend. Investors are increasing exposure through spot Bitcoin ETF products rather than purchasing BTC directly from the spot market.

Asset managers like BlackRock have also amassed a record number of Bitcoin ETFs. Bernstein, an American investment firm, encouraged investors to invest in Bitcoin amid a likely price spike.

President-elect Donald Trump has promised to improve the regulatory environment and even make it more welcoming to cryptocurrency companies, which have long suffered from unclear regulations. Bitcoin has long been regarded as a safe asset in Washington because it is exempt from securities laws.

S&P 500 Closes Below 6000 As Stocks Retreat, Bitcoin Touches $90K

Posted on November 12, 2024 by Skerdian Meta

Today the bullish rally stalled for stock markets and most major cryptocurrencies, however, Bitcoin pushed higher, just to touch $90,000. The Trump Trade continues, with the USD making further gains today until late in the US session, however, indices and cryptos took a pause ahead of tomorrow’s US CPI inflation report.

Bitcoin reached the last milestone at 90K today, before the 100K

Continue reading “S&P 500 Closes Below 6000 As Stocks Retreat, Bitcoin Touches $90K” →

Forex Signals Brief November 12: Attention on UK Employment and FED Speakers Today

Posted on November 12, 2024November 11, 2024 by Skerdian Meta

Despite a quieter session yesterday due to a partial U.S. market holiday, the dollar is holding onto its post-election gains as the new week begins. Today’s key events include the release of UK employment data and several speeches from Federal Reserve officials, adding potential catalysts to market movements. The dollar strengthened against major currencies like the yen, euro, and pound, continuing its upward momentum from last Friday.

Continue reading “Forex Signals Brief November 12: Attention on UK Employment and FED Speakers Today” →

DOGE runs past 41 cents, first time since May 2021

Posted on November 12, 2024 by Olumide Adesina

DOGE surpassed 41 cents for the first time since May 2021, when posted a record high of slightly more than 70 cents. It has nearly tripled in the last 30 days and returned more than 150 percent to investors within a week.

Dogecoin (DOGE) led the majors in gains, with prices rising as much as 44% for the day. The meme asset overtook stablecoin USDC and XRP (XRP) to take the sixth-largest token spot. Over the last 30 days, DOGE has increased by 120 percent thanks to tech entrepreneur Elon Musk’s renewed support.

Futures contracts that track DOGE have lost more than $68 million overall. With open interest close to its highest level since April, these liquidations were the biggest for the dog-themed token this year.

Tech entrepreneur Elon Musk’s support of the meme within the Trump administration has contributed significantly to the current rally’s bullish sentiment.

In addition, Musk referred to the creation of the Department of Government Efficiency to cut government spending during the Trump campaign, and the acronym “DOGE” is a well-known meme-coin.

Therefore, the officialization of this department and the appointment of Elon Musk as its head would be the next step that could support the Dogecoin rally. Price action affirms highly overbought levels and Investors might have time to rest since Trump’s inauguration isn’t until January 20, and DOGE may go through some tumultuous times in the interim.

Bhutan’s Bitcoin stash worth $1.2 billion

Posted on November 12, 2024November 12, 2024 by Olumide Adesina

Bhutan’S BTC holdings soar to over $1.2 billion.

Arkham data showed that the total amount of Bitcoin held by the Royal Government of Bhutan had surpassed $1 billion as the Bitcoin market surged in the face of tremendous bullish momentum.

Bhutan held more than El Salvador, though still far less than the Bitcoin stash held by the US, China, and the UK. Bhutan’s Bitcoin holdings are currently worth $1.2 billion.

Bhutan has invested millions of dollars in digital assets, so its entry into the cryptocurrency market is not new. Additionally, the nation collaborated with Bitcoin miners, and in May 2023, it set aside 5% of its GDP for mining the pioneer crypto asset.

The tiny Asian nation, which has a GDP of only $3 billion, obtained its substantial bitcoin holdings through state-run mining facilities that use renewable energy.

The government-owned Druk Holdings and Bitdeer Technologies Group teamed up to launch carbon-free mining operations in the small nation. There are some mining farms in Bhutan. The largest was the now-defunct “Education City” project.

Bhutan is demonstrating an interest in learning more about the cryptocurrency space. The nation’s central bank, the Royal Monetary Authority has been investigating possible collaborations with Ripple in order to create a central bank digital currency. The RMA intends to encourage cashless transactions and financial inclusion among its citizens by utilizing Ripple’s sustainable blockchain technology.

MicroStrategy owns 279,420 BTC, earns $14 billion in profit

Posted on November 12, 2024 by Olumide Adesina

MicroStrategy now owns 279,420 BTC while the pioneer digital asset reached an all-time high of over $89.2K on Monday.

The largest corporate holder of Bitcoin recently paid $2 billion for another 27,200 BTC. MicroStrategy is making over $13.7 billion in profit amid the acquisition of its bitcoin holdings for a total of $12 billion,

The company’s Bitcoin ROI exceeded 100 percent as seen on MicroStrategy’s Bitcoin portfolio tracker, “Saylor Tracker,” named after its CEO Michael Saylor.

The company had more than $21 billion in BTC assets at the time, even before the most recent Bitcoin purchase. MicroStrategy has solidified its position as a pioneer in corporate Bitcoin adoption with this aggressive BTC acquisition strategy, cementing the company’s belief in the cryptocurrency’s long-term prospects and establishing itself as a significant player in the market.

As part of its bitcoin acquisition strategy, MicroStrategy issues shares and then uses the proceeds to buy bitcoin, which raises the price of the cryptocurrency and, consequently, the price of MSTR shares. Donald Trump’s recent triumph in the November 5 presidential election boosted the company’s fortune.

MicroStrategy’s stock value rose by more than a fifth, partly because of Trump’s effect which focused largely on reviving the American economy and supporting the cryptocurrency industry.

Coinbase rises by over a fifth this month

Posted on November 11, 2024November 11, 2024 by Olumide Adesina

Coinbase’s value has risen by over a fifth this month, marking the first time since 2021 that the stock surged past the $328 mark.

Donald Trump’s victory in the presidential election has caused massive gains in U.S. cryptocurrency stocks because many people think it will help the industry.

Coinbase’s stock price has increased by over 200 percent within a year, outpacing many of its tech peers and indicating strong investor confidence in the company’s growth trajectory and the potential of the cryptocurrency market.

This milestone highlights how the cryptocurrency industry and its associated businesses are volatile and on momentum. Michale Miller, an equities researcher at Morningstar Inc., stated, “We see Coinbase as a beneficiary of the election results as the firm has been struggling with regulatory pressure from the SEC, with the firm actively fighting the agency in court.”.

The company’s financial health looks solid based on revenue growth of 90.3 percent over the past 12 months and a healthy gross profit margin of 86 percent.

Coinbase appears to be successfully profiting from the surge in the cryptocurrency market. “Some of the building blocks that are now in place to help bring one billion users on-chain” are the main focus of Coinbase, an Oct. Letter to 30 shareholders.

“We made significant progress advancing some of these building blocks in Q3 — notably, integrating stablecoins across our product suite and growing the Base network,” the letter stated, referring to the layer 2 scaling networks of Coin Base.

Bitcoin breaks another high, slams $88.5k

Posted on November 11, 2024November 11, 2024 by Olumide Adesina

Bitcoin reached another high on Monday as the cryptocurrency rallied in the aftermath of Donald Trump’s election victory

The flagship cryptocurrency’s price last increased by over 11% to $88,303 on Binance. It recently reached $8,505 a new high. MicroStrategy gained more than 25.7 percent, while Coinbase ended the day up 19.8 percent. Longer trading saw both stocks rise as well.

Bitcoin traders bet on a more lenient regulatory framework and anticipate that the government will establish a reserve cryptocurrency fund, to support sustained demand.

The pioneer digital asset was deemed a safe asset because it is not considered a security, even by the Securities and Exchange Commission. Trump has made big overtures about the digital asset like entertaining the idea of a strategic national bitcoin reserve.

Trump also promised the cryptocurrency industry making the world’s largest economy calling the nation the “crypto capital of the planet” and demanding that all Bitcoin be mined there.

He also promised to remove Gary Gensler, the chairman of the Securities and Exchange Commission, who has adopted a strong stance on cryptocurrency despite the president’s lack of authority.

Trump’s administration’s predicted pro-crypto stance, which investors hope will result in more transparent regulations in the United States has improve the appetite for risk in the crypto market now at a valuation of $3 trillion

FTX sues Binance and its founder for $1.8 billion

Posted on November 11, 2024 by Olumide Adesina

FTX sued Binance and its former CEO Changpeng Zhao, claiming a “fraudulent” share deal to recover at least $1.76 billion.

FTX cites a 2021 transaction in which Binance, Zhao, and others sold a 20 percent stake in the platform and an 18 percent stake in its U.S. subsidiary to withdraw their investment in FTX in a filing with a Delaware court on Sunday.

According to the FTX estate, the Alameda Research division of FTX used a mix of its and Binance’s exchange tokens, along with Binance’s dollar-pegged stablecoin, to finance the share repurchase.

The lawsuit names the agreement reached with FTX co-founder Sam Bankman-Fried, serving a 25-year sentence for fraud connected to the collapse of his exchange, as a “constructive fraudulent transfer,” claiming that “Alameda was insolvent at the time of the share repurchase and could not afford to fund the transaction.”.

Binance refutes the accusations, stating, “We will vigorously defend ourselves against the claims, which are without merit.”. After the industry was rocked by FTX’s abrupt collapse, the lawsuit represents the most recent escalation of tensions between two of the biggest names in the cryptocurrency space.

The market’s reaction peaked in November of last year when Bankman-Fried was convicted on seven counts of criminal fraud linked to the exchange’s bankruptcy and customer money theft.

Zhao entered a guilty plea to charges of breaching U.S. law and violating the Bank Secrecy Act by failing to implement an efficient anti-money-laundering program. Zhao is also accused in the new lawsuit of “a series of false, misleading and fraudulent tweets” that, in addition to recovering money, “triggered a predictable avalanche of withdrawals at FTX,” ultimately resulting in the exchange’s demise.