Bullish Bitcoin Market, MicroStrategy's Increased Investment, SEC's ETF Delays & More Crypto Updates
Summary:
The bullish trend continues in Bitcoin's market with major inflows from exchange-traded funds and anticipation of a halving event. MicroStrategy plans to issue convertible notes to augment its current Bitcoin holding, and asset management firm BlackRock looks to include Bitcoin in its fund. Meanwhile, the US SEC delays its decision on Ether ETFs proposed by BlackRock and Fidelity. Fantom appeals for Multichain's liquidation to recover the stolen $122 million. Seamless Protocol is set to launch a unique borrowing strategy with an Integrated Liquidity Market on Lido for wrapped staked Ethereum.
A bullish trend has engulfed the Bitcoin market with massive inflows from exchange-traded funds and a looming halving event. February saw Bitcoin's valuation skyrocket 45% and reach the $60,000 mark for the first time since the last quarter of 2021. In line with these market trends, MicroStrategy has increased its Bitcoin investment, planning to issue convertible notes which can be converted into equity later, to boost its current 193,000 BTC portfolio. Asset management behemoth, BlackRock, has proposed a change with the United States SEC to place Bitcoin in its Strategic Income Opportunities Fund that manages a staggering $36.5 billion worth of assets.
Especially relevant insights on the current crypto environment can be extracted from Bitcoin miner reserves in February - showing a slower selling rate compared to January with the awaited halving event on the horizon. MicroStrategy's co-founder Michael Saylor states, “We’re currently in the Bitcoin gold rush era, beginning from the onset of 2024 until around November of 2034”, during a recent Bitcoin gathering.
Our current crypto coverage also incorporates MicroStrategy’s upcoming issuance of debt to purchase more Bitcoin, the delay by the SEC on Ether ETFs, Fantom’s call for Multichain’s liquidation and other pivotal updates.
MicroStrategy is all set to amass $600mn through convertible notes, aiming to buy additional Bitcoin. This tech firm holds the reputation of the cryptocurrency’s largest corporate holder. These convertible notes are expected to mature March 2030 unless repurchased, redeemed, or converted sooner. MicroStrategy envisages carrying out this Bitcoin purchase for overall corporate agendas.
The U.S. SEC postpones its decision to either approve or reject Ether ETFs proposed by BlackRock and Fidelity. It had previously held off its decision in January soon after it green-lit a range of spot Bitcoin ETFs. The SEC can push this decision back three times - this postponement was anticipated by several market experts and ETF analysts who believed the SEC would take a decision by the initial deadline in May.
Fantom, the smart contract platform, is requesting the Singapore High Court to declare the Multichain Foundation bankrupt to reclaim the stolen $122 million from Multichain’s Fantom bridge in the previous year.
Seamless Protocol is preparing for the release of an Integrated Liquidity Market on Lido for their wrapped staked Ethereum (wstETH), providing a novel borrowing strategy in place of traditional restaking.
In an aside: MEXC exchange users have voiced their concerns about deductions from their accounts, but the exchange has defended itself asserting that these accusations are misleading.
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Published At
3/9/2024 12:00:00 AM
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