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BTC Plunges Post-Record High; Deutsche Boerse Launches Crypto Platform, and More

Fernanda T
Latest News
March 05 2024 1:57PM

Bitcoin falls after reaching all-time high due to massive sales

Bitcoin (COIN:BTCUSD) experienced a 7% drop shortly after hitting a new all-time high of $69,208, with intense selling on cryptocurrency exchanges preventing gains beyond the milestone. Large sell orders on Binance, including over 300 BTC at $69,000 and 500 BTC at $70,000, created significant price resistance, resulting in a rapid depreciation to $64,530 at the time of writing.

MicroStrategy announces debt issuance to expand Bitcoin reserves

MicroStrategy (NASDAQ:MSTR) plans to raise $600 million by selling convertible debt in a private offering to finance the purchase of more bitcoins. Under the leadership of Michael Saylor, the company has consistently increased its bitcoin holdings since 2020, currently owning 193,000 coins valued at over $13 billion. The proceeds from the sale will also be allocated to general corporate purposes, capitalizing on the recent surge in its stock value. MSTR shares, which rose 24% on Monday, recorded a Tuesday drop of over 16% in response to the announcement and the Bitcoin price retracement.

Deutsche Boerse launches crypto trading platform for institutions

Deutsche Boerse (TG:DB1), the primary operator of the German stock exchange, announced the launch of a crypto trading platform called DBDX for institutional investors. The platform, which provides a regulated environment for trading, settlement, and custody of crypto assets, will begin with request-for-quote-based trading, expanding to multilateral operations. In partnership with Crypto Finance, which recently received German regulatory licenses, Deutsche Boerse aims to ensure a reliable and regulated market for digital assets in Europe.

Osprey Bitcoin Trust explores sale or merger with ETF

The Osprey Bitcoin Trust (USOTC:OBTC), known for aggressively competing with Grayscale’s ETF (AMEX:GBTC), is now exploring strategic alternatives such as selling itself or merging with a Bitcoin ETF. This fund, whose shares are trading at a discount to its actual BTC value, is also considering other options. If these attempts fail, the company plans to wind down its operations and liquidate its assets within six months.

BlackRock aims to incorporate Bitcoin ETFs in new opportunity fund

BlackRock (NYSE:BLK), an investment giant, proposed to the SEC the inclusion of Bitcoin ETFs in its new Strategic Income Opportunities Fund. The company intends to add shares of ETPs mirroring the performance of Bitcoin (COIN:BTCUSD), including those sponsored by BlackRock affiliates. With the recent approval of Bitcoin ETFs by the SEC, BlackRock also considers investing in Bitcoin futures, warning about inherent risks such as volatility and the possibility of substantial losses.

VanEck aims for significant expansion in crypto assets in Europe

VanEck, with 69 years of experience in asset management and issuer of the Bitcoin ETF (AMEX:HODL), is optimistic about the growth of cryptographic products in its European division, currently representing 10% of its assets under management. Martijn Rozemuller, CEO of VanEck Europe, foresees a future where cryptographic and conventional assets are more evenly balanced in the company’s portfolio, potentially achieving a 50/50 split. With a history of investment innovation, VanEck seeks to become a leader in crypto and blockchain offerings, despite competition in the sector.

OrdiZK suspected of scam after $1.4 million diversion

OrdiZK, a project aimed at connecting the Bitcoin, Ethereum, and Solana blockchains, is accused of executing a Rug Pull scam, disappearing with over $1.4 million. CertiK, a blockchain security company, reports that OrdiZK developers withdrew the funds and shut down their website and social media profiles. The OZK token collapsed, losing nearly all its value after developers suspiciously sold their tokens and withdrew Ether.

Fantom Foundation seeks asset recovery after $200 million exploit

The Fantom Foundation (COIN:FTMUSD), responsible for the Fantom blockchain, is in the process of recovering assets after a $200 million exploit on the Multichain protocol. Following a favorable ruling in Singapore, the foundation seeks to liquidate Multichain, similar to bankruptcy in the American model, to distribute the recovered assets. The action aims to facilitate claims from all affected users, although the foundation cannot legally act on behalf of users, legal precedent is expected to aid in individual claims.

Montenegro overturns extradition decision of Do Kwon to the US

The Montenegro Court of Appeals overturned the extradition of Do Kwon, co-founder of Terraform Labs, to the United States, accepting the defense’s arguments about flaws in the previous judicial process. The case will be reconsidered at a lower instance, following Kwon’s successive appeals against extradition, both to the US and South Korea, amidst accusations related to the collapse of the Terra ecosystem.

Binance ceases operations with Nigerian Naira in response to regulatory challenges

Cryptocurrency exchange Binance announced the discontinuation of services related to the Nigerian Naira (FX:NGNUSD), including transactions, deposits, and others, in a phased exit. Users have until March 8 to withdraw their funds in NGN, after which they will be converted to USDT. The decision follows tensions with Nigerian authorities, accusing Binance of influencing exchange rates and facing possible government sanctions.

BRICS plans blockchain payment system to strengthen monetary independence

The BRICS consortium, formed by Brazil, Russia, India, China, and South Africa, is developing an innovative payment system using blockchain and other digital technologies. According to TASS agency, the initiative aims to create a payment platform that is efficient, cost-effective, and depoliticized, aiming for independence from conventional systems and reducing dependence on the dollar. This move is part of the group’s ongoing efforts to expand its influence in the global monetary system and promote de-dollarization.

Argo Blockchain sells property to offset debt and restructure operations

Argo Blockchain (NASDAQ:ARBK), a Bitcoin mining company, sold one of its properties in Quebec for $6.1 million to reduce its financial obligations in response to a decrease in BTC production. Of the total proceeds, $4 million were used to pay off part of the debt with Galaxy Digital, reducing the debt to around $14 million. The operation also involved the transfer of mining equipment to another location in Quebec and the liquidation of older machines.

Temporary 50% price drop of Shiba Inu on Coinbase surprises the market

Shiba Inu experienced a sudden 50% drop on Coinbase, a major American exchange, before recovering its value, highlighting an atypical market fluctuation. This decline was isolated to Coinbase during a broader market sell-off, led by Bitcoin, and was not reflected on other major exchanges. The anomaly was attributed to a sell order that overwhelmed available liquidity. Despite the incident, SHIB (COIN:SHIBUSD) records an 8.3% drop in value over the past 24 hours.

DWF Labs to invest $10 million in TokenFi to boost AI-driven products

DWF Labs commits to acquire $10 million worth of TokenFi (COIN:TOKENUSD) tokens over two years to support the development of innovative products. The purchase, made from TokenFi’s treasury, will finance new solutions integrating artificial intelligence, including an AI generative system for NFTs and a smart contract auditing tool. The news boosted the value of TOKEN, reaching a new peak, while inspiring optimism for future growth in the crypto market focusing on tokenization and AI.

Baanx raises $20 million in funding for global expansion

Baanx, a British cryptocurrency payment company recognized by the FCA, raised $20 million in its first major funding round, with contributions from names like Ledger and Tezos Foundation. With the total funds surpassing $30 million, Baanx plans to expand its innovative crypto payment services to the US and Latin America, promoting a new era of cryptographic transactions with full autonomy for users.

Utila raises $11.5 million in investment round for crypto security

Israeli company Utila, specializing in cryptographic wallets for institutions, raised $11.5 million in initial funding from major investors such as NFX and Wing Venture Capital. The investment round, which involved several companies and angel investors, comes at a time of renewed interest in the cryptocurrency market. Utila aims to enhance security in digital asset management, using advanced technology to prevent single points of failure.

Institutional investors plan to increase cryptocurrency investments, survey reveals

A study by Nickel Digital indicates that the majority of institutional investors and wealth managers intend to increase their investments in cryptocurrencies over the next year, motivated by a more positive outlook for the sector and recent market performance. About 74% of participants with digital assets in their portfolios plan to raise their allocations, driven by the approval of bitcoin ETFs and long-term optimism, with 92% viewing the sector as attractive over five years. Sovereign and pension funds are among the most inclined to increase their investments in digital assets.

Animoca Brands Japan and KDDI partnership to advance Web3 with Mocaverse and αU

Animoca Brands Japan and KDDI join forces to promote the adoption of Web3, utilizing Animoca’s Mocaverse and the αU platform. This collaboration aims to integrate Moca ID with the αU wallet to facilitate access to Web3 content, including games and entertainment, within the Mocaverse ecosystem. The goal is to create immersive and interoperable experiences for global users in the Web3 gaming and entertainment universe, marking a significant step in merging digital and physical culture.