Bitcoin Magazine

07 Apr 2023 04:41

🥳 Happy 48th Birthday, Satoshi Nakamoto

Today we celebrate the creator of Bitcoin on Satoshi Nakamoto’s birthday. Happy birthday, Satoshi! We don’t know who Satoshi is and we likely never will, but the pseudonymous founder does apparently have a birthday. Satoshi entered a birth date when they registered the pseudonym with The P2P Foundation. Satoshi’s birthday is, according to that registration, April 5, 1975.

One has to do with the anniversary of Executive Order 6102, when President Franklin D. Roosevelt banned the private ownership of gold on April 5, 1933. Americans handed over gold to the government and, with the Gold Reserve Act the following year, the gold content of the U.S. dollar was increased from $20 to $35 an ounce. Really, that was just a devaluation of the dollar because it now took more dollars to buy the exact same amount of gold. Of course, the Bitcoin faithful have drawn up all sorts of theories about why Satoshi chose this date specifically – besides it actually being their real birthday.

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Bitcoin Magazine

05 Apr 2023 10:46

💰 Marathon Digital Produced 825 BTC In March, An Increase Of 21% Monthly

Bitcoin mining company Marathon Digital released an operational update for March. The company produced 825 Bitcoins in March, an increase of 21% month-on-month; in Q1 of 2023, a total of 2,195 BTCs were produced. In 2023, the computing power of Q1 will increase by 64%, reaching 11.5 EH/s. Increases unrestricted Bitcoin holdings to 11,466 Bitcoins (approximately $326.5 million) as of March 31, 2023.

After all of Marathon’s previously bought miners are installed, S19 XPs, which are roughly 30% more energy efficient than the previous generation of mining rigs, are estimated to produce around 66% of the Company’s hash rate. The company still plans to add around 23 EH/s of capacity by the middle of 2023. Marathon canceled an earnings conference and delayed the release of results last month to correct accounting issues related to digital asset impairment. The company released its fourth-quarter and fiscal-year 2022 financial and operational results last month.

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Bitcoin Magazine

03 Apr 2023 08:09

💰 Crypto ATM Numbers Drop by 13.91% Since December 2022, Over 3,600 Went Offline in March

According to data from the cryptocurrency automated teller machine (ATM) aggregation website Coin ATM Radar, over 3,600 crypto ATMs went offline in March. Since the end of 2022, the number of crypto ATMs has declined by 13.91% in the last three months. In January, 1,587 crypto ATMs went offline, marking the second time a large number of machines had gone offline since the loss of 399 crypto ATMs in September 2022.

A total of 275 cryptocurrency ATMs went offline in February. The largest decline was recorded in March, according to Coin ATM Radar statistics, which indicated a drop of 3,627 crypto ATMs. General Bytes machines account for 28.5% of all machines globally, and devices manufactured by Bitaccess represent 20.2% of the market share. Genesis Coin ATMs represent 17% of the machines worldwide, while Coincloud devices account for 12.7%. As of Saturday, April 1, 2023, the United States has the highest number of crypto ATMs worldwide, followed by Canada, Australia, and Spain.

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Bitcoin Magazine

01 Apr 2023 04:19

🥇 Bitcoin options volume, open interest on CME soar to hit all-time highs, risk is 'back on'

Bitcoin options volume and open interest on CME have reached an all-time high amid the banking crisis and a bitcoin rally. Open interest, the total number of contracts outstanding in the market, hit $1.3 billion this month, up 67% since the start of 2023. Volumes of bitcoin options are similarly buoyant, jumping to $1.67 billion from $832 million last month — the previous all-time high was $1.1 billion in January.

Crypto derivatives previously saw an influx following the collapse of FTX as institutional traders moved to regulated venues. The latest rally in volumes is being linked to banking uncertainty and a "risk on" environment by some as cryptocurrency prices have risen since January. Banking uncertainty and bitcoin's function as a hedge is causing its price to rise, Luuk Strijers, chief commercial officer at Deribit, told The Block. As a result, people are positioning for further upside, with traders buying puts (the option to sell at a specific price) to protect from sharp sell-offs. Bitcoin is up 70% since the start of the year, trading above $28,000, while the Nasdaq Composite is up over 15%.

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Bitcoin Magazine

30 Mar 2023 07:50

🇸🇻 El Salvador President Attracts New Residents With Poster Contains Bitcoin

El Salvador President Nayib Bukele is promoting the country as the “new land of the free” as part of an open invitation to foreigners to relocate to the Latin American country. The advertisement encourages people to relocate to El Salvador, claiming that there is “no fentanyl crisis,” “no shootings,” and “no lootings” as a result of the government’s rigorous security measures in 2022 and 2023.

The billboard also aims to highlight his government’s accomplishments, particularly in the fields of security and monetary policy. The banner specifically mentions the adoption of Bitcoin as a legal currency method in El Salvador, which is the first nation in the world to provide the option to visitors and residents. Both the government and President Bukele are taking steps to encourage the use of the most valuable digital currency on the market right now. While it is unknown if this regulation will apply to Bitcoin applications, El Salvador and its president are known to be Bitcoin-friendly.

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Bitcoin Magazine

28 Mar 2023 04:33

💰 MicroStrategy buys $150 million of bitcoin, prepays Silvergate loan

MicroStrategy scooped up about $150 million of bitcoin over the last month, bringing its total hoard of the cryptocurrency to a little more than $4 billion. The company also said it paid off a loan from Silvergate Bank. Michael Saylor's company said it acquired 6,455 bitcoin between Feb. 16 and March 23 at an average price of $23,238 per bitcoin. The news was included in a regulatory filing.

The loan prepayment with Silvergate comes following the crypto-friendly bank's decision to wind down and liquidate. MicroStrategy had taken out the $205 million term loan, which was set to mature in 2025, last year. It paid $161 million to repay the loan in full. MicroStrategy last month reported a net loss of $249.7 million for the fourth quarter of 2022 compared to a loss of $90 million in the same period of the prior year. The software firm has become better known in recent years for its bet on bitcoin. The proceeds, along with some cash reserves, were used to pay off the Silvergate loan.

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Bitcoin Magazine

26 Mar 2023 08:29

🥇 Former Coinbase CTO: Bitcoin Could Replace The US Dollar As The World Reserve Currency

The former Coinbase CTO has stated that he is positive on Bitcoin’s future and believes that this bluechip asset would eventually replace USD. Balaji Srinivasan, the former chief technical officer of Coinbase, recently tweeted that history shows that during times of crisis, investors flock to dollar-denominated assets. People avoid depreciating currencies in the long run. This is the main change between now and 2008.

According to the CTO, Bitcoin is expected to dethrone the US dollar and become the next global reserve currency. The former Coinbase CTO has always been optimistic on Bitcoin. According to Coincu, he has stated that the impending crisis will drive Bitcoin’s value to $1 million in 90 days. Balaji Srinivasan’s gamble follows that of investor James Medlock, who put a $1 million betting that the US will not enter hyperinflation despite the near-collapse. A list of banks in the United States is shown below. The previous Chief Technology Officer of Coinbase is of the opinion that the impending crisis will cause a fall in the value of the US dollar, and that in the next weeks, people, corporations, and big funds would acquire Bitcoin as a hedge against hyperinflation.

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Bitcoin Magazine

24 Mar 2023 05:47

💰 Bitcoin Plummets As Traders Suffer $260M In Futures Losses

Bitcoin prices experienced a slight dip following the quarter-point interest rate rise by the U.S. Federal Open Market Committee (FOMC), in line with expectations. The decision reinforced the Federal Reserve’s concerns that inflation remains problematic and that it remains “strongly committed to returning inflation to our 2% objective”. Traders took profits on a 20% gain over a seven-day rolling period.

Ether also saw losses, falling under $1,600 and contributing to over $280 million in overall crypto futures liquidations. Liquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position (fails to have sufficient funds to keep the trade open). Large liquidations can signal the local top or bottom of a steep price move, which may allow traders to position themselves accordingly. The recent quarter-point interest rate rise by the FOMC has had an impact on the cryptocurrency market.

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Bitcoin Magazine

22 Mar 2023 09:34

🥇 Bitcoin rally is 'pure gravy' for miners finally seeing a light at the end of the tunnel

Bitcoin miners are finally getting some good news thanks to the rally in cryptocurrencies this year. The first three months of this year are "shaping up to be a better quarter" than the previous one, investment firm Stifel said in an analyst note on Monday. Hashprice, which measures how much miners earn based on a number of factors, is up 36% compared to March 12, at $0.08 per terahash.

Bitcoin price appreciation is happening at the same miners are finally seeing a slump in power prices — essentially reversing trends that squeezed their margins last year and drove some to bankruptcy. It may be a chance for a turnaround for even the hardest-hit companies. Mining is a balancing act between many factors and as overall economic conditions improve, analysts have warned that the better environment will be partially offset by an increase in mining difficulty as competition heats up. CleanSpark's Schultz said he's seen an influx of machines coming online.

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Bitcoin Magazine

20 Mar 2023 05:56

🥇 Bitcoin ATM maker General Bytes shuts down its cloud service after hacker identifies vulnerability

The company posted a high severity security incident warning on its Confluence page on March 18. The attacker was able to access the database, download user names and passwords as well as turn off two-factor authentication and scan terminal event logs for instances when customers scanned private keys in the ATM, the company said.

The hacker was able to mount the attack by uploading their own Java application and running it remotely, using the master service interface, which is used in bitcoin ATMs to upload videos to the server, the company said. The company published steps to implement the security fix. It also said that in multiple audits that had been completed since 2021 it had not identified this vulnerability. The security post also listed the crypto addresses and APIs used by the attacker. On-chain analysis shows a balance of 56 bitcoin ($1.5 million) in the bitcoin wallet linked to the attacker.

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Bitcoin Magazine

18 Mar 2023 10:15

🥇 $150M in Liquidations as Bitcoin Soars to New 9-Month High Close to $27K

Over 44,000 traders were liquidated in the past 24 hours, according to data from CoinGlass. Bitcoin initiated yet another leg up in the past hour or so, resulting in a new multi-month high at almost $27,000. Most altcoins have also followed along upwards, resulting in over $150 million liquidated on a daily scale. Ever since the banking crisis worsened last week and expanded to Europe during this one.

Despite the retracements in the next few days, BTC resumed its run late last night and today. After reclaiming $26,000 earlier today, the cryptocurrency kept climbing and came inches away from tapping $27,000 for the first time since June 2022. With most altcoins being well in the green, it’s no surprise that the number of liquidated trades has increased to well over 44,000, and the majority were engaged in short positions. The total value of liquidated positions is worth more than $150 million on a daily scale. The latest price jumps came after news from the US Federal Reserve informing that Silicon Valley Bank.

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Bitcoin Magazine

16 Mar 2023 06:44

💰 Trust Machines backs bitcoin decentralized exchange Alex

Decentralized exchange startup Alex has raised $2.5 million to build out decentralized finance on Bitcoin's rails. The strategic round was backed by Trust Machines, Gossamer Capital and other investors, the company said in a release. Alex raised a $5.8 million seed round in 2021, which was led by White Star Capital. Other backers included Cultur3 and SeaX.

The startup is co-founded by two former Wall Street quants, Chiente Hsu and Rachel Yu. Female-founded teams remain a rarity in the tech industry, let alone in crypto. Last year, U.S. startups with all-women teams received only 1.9% of the $238.3 billion in venture capital allocated, according to a report from TechCrunch and PitchBook data. The funds from the raise will be used to continue building out decentralized finance within the bitcoin ecosystem and expand the user community, the company said. The fundraising announcement comes as bitcoin broke past $26,000 with U.S.

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Bitcoin Magazine

14 Mar 2023 03:27

💰 Bitcoin hurtles back above $24,000 as crypto prices buoyed amid US banking woes

Cryptocurrency prices have soared over the past day as U.S. President Joe Biden sought to reassure Americans that the country's banking system was safe in the wake of the collapses of Silicon Valley Bank and Signature Bank. Bitcoin jumped 17% by 10:15 a.m. EST to trade above $24,150, according to TradingView data. Ether was up about 15% to over $1,650.

The Federal Reserve is expected to increase rates again March 22, with an 87% probability of a 25 basis point increase, according to the CME's FedWatch tool that uses the 30-Day Fed Funds futures pricing data. Acheson, reflecting on the macro outlook, said it's now more likely the pace of interest rate increases slows, with an injection of liquidity to prop up banks. She added that bitcoin's value as a decentralized, seizure-resistant store of value has increased significantly as it contrasts with the fragility of traditional banking.

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Bitcoin Magazine

11 Mar 2023 07:40

📣 Biden includes crypto tax changes in 2024 budget request

President Joe Biden’s proposed budget includes changing tax treatment for "wash sales" of digital assets. The administration's fiscal year 2024 budget, released on Thursday, includes a provision that would make crypto subject to “wash sale rules,”. Stocks and bonds are already subject to that tax treatment.

Added together the administration believes those changes would raise nearly $40 billion over the ten-year budget projection window standard to the U.S. government. Regardless of the administration, presidential budget requests in the current political era are never fully accepted by Congress and instead reflect the priorities of the administration and policies that could become law through a more piecemeal legislative approach. The expanded definitions looked to increase the collection of taxes owed on digital assets, but the broker definition has been criticized.

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Bitcoin Magazine

09 Mar 2023 04:43

🪙 GBTC Discount Narrows by Over 42% as Grayscale-SEC Face Off Inches Closer

The oral argument in Grayscale’s lawsuit challenging the US Securities and Exchange Commission (SEC) is just hours away. At the center of the Grayscale-SEC drama is Grayscale Bitcoin Trust (GBTC) – the world’s largest Bitcoin fund – which has for two years been trading at a steep discount to the crypto-asset it holds. This has caused much pain in the market.

According to data from YCharts, the GBTC discount has been slightly reduced to 42.11%. The figure hit 47.35% on February 13th. The narrowing could potentially reflect the investor mindset of the lawsuit ending in Grayscale’s favor. The company filed to convert GBTC into an exchange-traded fund (ETF) with the SEC in October 2021. The regulator has approved multiple futures-backed crypto products but repeatedly dismissed spot ones. Grayscale decided to sue the SEC last summer, just hours after the regulatory agency rejected the asset manager’s conversion plans. The firm’s flagship, Bitcoin Trust, launched in 2013 and holds $14.8 billion in assets.

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Bitcoin Magazine

06 Apr 2023 03:06

💰 MicroStrategy adds to massive bitcoin bet, takes total to 140,000 BTC

MicroStrategy acquired an additional 1,045 bitcoin worth around $29.3 million, it revealed on Wednesday. MicroStrategy shares have risen 105% year-to-date, while bitcoin is up over 72%. Shares in the firm are viewed by some as a proxy for investing in bitcoin due to its large exposure to the digital asset. MicroStrategy was up 1.3% in pre-market, trading around $303.

Founder and CEO Michael Saylor shared on Twitter that his firm acquired the new bitcoin at an average price of $28,016. The purchases were made between March 24 and April 4 while the crypto market was digesting further regulatory unease as the Commodity Futures Trading Commission (CFTC) brought a case against Binance and its CEO, Changpeng Zhao. Today's purchase comes hot on the heels of last week's $150 million buy when the firm also cleared its loan with Silvergate. MicroStrategy and its subsidiaries now hold approximately 140,000 bitcoins.

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Bitcoin Magazine

04 Apr 2023 09:10

💰 Internet Computer Issues ‘Liquid Bitcoin,’ for Faster, Cheaper BTC Transactions

The Dfinity Foundation, a significant contributor to the development of the Internet Computer network, on Monday issued ckBTC – a liquid and cost-efficient “twin” token that is backed on a 1:1 basis with bitcoin (BTC). The development brings layer-2 capabilities to Bitcoin, making it faster and cheaper to transact without compromising security. Layer 2s refer to a secondary framework.

ckBTC means low transaction fees, speed, and, most importantly, no bridges,” Dominic Williams, founder of Dfinity, said in a note to CoinDesk. “This is a milestone in the Bitcoin journey, and the Dfinity Foundation is excited to see how projects building on the Internet Computer blockchain implement ckBTC and explore novel use cases. But while bitcoin integration unlocks opportunities, it also inherits the slow and expensive transaction times associated with the Bitcoin network. To combat that, Internet Computer has set fees on Liquid Bitcoin to just 0.0000001 ckBTC, or a few cents.

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Bitcoin Magazine

02 Apr 2023 03:10

💰 Nearly 1 Million Blockchain Addresses Now Hold Over 1 Bitcoin

Small Bitcoin holders have grown steadily over time at the expense of whales – especially after the collapse of FTX. Bitcoin’s long entrenchment under $24,000 provided ample opportunity for smaller holders to increase their position sizes, on-chain data shows. Nearly 1 million Bitcoin addresses now hold over 1 BTC, much of which was accumulated between 2021 and 2023.

According to on-chain data provided by LookIntoBitcoin, there are 991,670 Bitcoin addresses holding over 1 BTC as of March 29 – a number that has risen consistently since Bitcoin’s inception as more BTC entered the network. However, that figure rose especially quickly after the collapse of crypto exchange giant FTX in November, from 915,110 on November 8th to 961,756 on December 8. The event pushed Bitcoin’s price back down to $15,500 for the first time since 2020, likely giving dedicated HODLers a better chance to stack sats. Blockchain intelligence firm Glassnode noted at the time that “shrimps".

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Bitcoin Magazine

31 Mar 2023 05:51

💰 Bitcoin profits are taxable, Denmark's Supreme Court says

The Supreme Court of Denmark ruled that profits from the sale of bitcoin constitute a taxable event, upholding a previous ruling by the Danish High Court. The Supreme Court considered two instances of profiting from bitcoin. The first involved an entity that acquired bitcoin from a third party and the second involved miners who earn bitcoin as a reward for securing the network.

For people in the first instance, the court ruled that their bitcoin purchase was speculative in nature. As such, any sales by them should not be tax-free according to Denmark’s State Tax Act. As for miners, the Supreme Court ruled that their bitcoin acquisitions via mining constituted revenue and should attract taxes if they sell. In 2018, Danish tax authorities identified 2,700 individuals owing taxes on bitcoin profits. At the time, it was reported that these individuals sold $8 million worth of bitcoin via a Finland-based exchange. The Court ruled that both entities would have a tax liability if they sold their coins.

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Bitcoin Magazine

29 Mar 2023 16:23

🇭🇰 Hong Kong Convenes Meeting To Promote Finance For Crypto Firms From Banks

According to Bloomberg, regulators in Hong Kong, China, are calling for meetings between crypto firms and bankers to create financial conditions for the industry to make the region a crypto hub. The roundtable will be held at the Hong Kong Monetary Authority on April 28 “to facilitate face-to-face dialogue” and “share experiences and practical views on opening and maintaining bank accounts.” goods,” according to event details obtained by the news agency.

The conference will be co-hosted by the Hong Kong Monetary Authority and the Securities and Futures Commission, two regulatory bodies that oversee stablecoin and cryptocurrency exchanges. As mentioned earlier, last year, Hong Kong revealed plans to turn itself into a hub for digital assets and thrive on Web3 technology. At the same time, China still has its tightening policies on digital assets. The company also provides virtual asset services and mining operations. The idea was also tacitly endorsed by the Beijing government as the Hong Kong branches of the Bank of Communications of China, Bank of China, and Shanghai Pudong Development Bank.

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Bitcoin Magazine

27 Mar 2023 05:38

🇺🇸 US Government Remains a Top Bitcoin Holder With Seized Stash Valued at $5.6 Billion

U.S. government held 205,515 bitcoins worth $5.6 billion, which is approximately 1.06% of the circulating supply, according to current statistics. The cache of bitcoins is a result of three forfeitures that began in 2020. Glassnode’s on-chain data reveals that on March 9, about 9,860 bitcoins worth roughly $269 million were sent to a Coinbase address.

The U.S. government currently holds 205,515 bitcoins valued at $5.66 billion based on today’s exchange rates. The bitcoins were confiscated in three cases, including the Silk Road bitcoin seizure in November 2020, the 2022 Bitfinex hack confiscation, and the seizure of bitcoins from James Zhong last year. Of the total, 69,369 BTC was seized from “Individual X,” 94,643 BTC was taken from Ilya Lichtenstein and his wife Heather Morgan, and 51,326 BTC was seized from Zhong in November 2022. According to a report from Glassnode on March 9, 2023, some of these bitcoins have moved, reducing the total from 215,338 to 205,515 BTC.

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Bitcoin Magazine

25 Mar 2023 09:25

💰 Bitcoin’s Diversification Flaws Uncovered By Respected Economist

Bitcoin has been making headlines recently for its wild fluctuations in value. In the latest development, Bitcoin’s value fell by almost 5% to $26,000 following the announcement of a quarter-percentage point interest rate increase by the U.S. Federal Reserve. This marked the ninth consecutive interest rate hike and the second quarter-point increase in a row, leading to widespread panic among cryptocurrency enthusiasts.

Economist Robin Brooks of the Institute of International Finance (IFF) tweeted that Bitcoin was demonstrating “genuine diversification attributes today – to the downside.”. The Federal Reserve’s latest policy meeting expressed caution about the recent crisis triggered by the collapse of some prominent banks but highlighted that the American banking system was robust. While mostly in line with Wall Street’s expectations, the decision to continue hiking interest rates dashed crypto bulls’ hopes of a dovish U-turn amid the banking crisis. Despite recent bouts of volatility, the price of Bitcoin had recently crossed the $28,000 mark to reach a year-to-date high.

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Bitcoin Magazine

23 Mar 2023 07:45

🇺🇸 White House Takes Aim At Crypto In Economic Report

The White House has released its annual economic report, which includes a chapter on digital assets. The report argues that the cryptocurrency industry is creating issues for consumers, the financial system, and the environment. The report took aim at various claims and stated goals from the crypto industry, ranging from cryptocurrencies’ role as investment vehicles.

Furthermore, the report cites various disasters in the crypto sector, including last year’s TerraUSD collapse, BitConnect and FTX, as examples of how everyday Americans were harmed. The report argues that cryptocurrencies have a history of causing harm to investors and the general public. The report makes it clear that various aspects of the digital asset ecosystem are creating issues for consumers, the financial system, and the environment. The White House report also mentions that forthcoming systems like the real-time payment FedNow network “could bring significant benefits to vulnerable segments of the populations.”

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Bitcoin Magazine

21 Mar 2023 03:10

💰 Bitcoin Soared Above $28K After UBS Agreed to Buy Credit Suisse

Bitcoin tapped $28,500 for the first time since June 2022 after Credit Suisse announced the merger deal. Switzerland’s largest banking institution – UBS Group – entered into a merger deal with its troubled rival – Credit Suisse. The former will pay $3.25 billion to finalize the deal, which is 60% less than what Credit Suisse was worth at the end of last week.

The Swiss banking behemoth Credit Suisse revealed significant operational issues in the past few weeks, prompting Switzerland’s central bank and the local financial regulator to step in. UBS responded to the intervention, agreeing to acquire Credit Suisse for $3.25 billion. Under the terms of the agreement, all shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse. The ailing bank will continue conducting its business as normal until finalizing the merger deal. Moreover, the Swiss National Bank will allow it access to facilities that offer substantial additional liquidity.

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Bitcoin Magazine

19 Mar 2023 06:06

💰 Balaji Bets $1 Million That Bitcoin Will Be Worth $1 Million In 90 Days

Balaji, a prominent figure in the cryptocurrency world, recently announced that he is moving $2 million into the stablecoin USDC for a bet. Medlock and another person will join him, and if Bitcoin is worth more than $1 million in 90 days, he wins. The counterparty gets $1 million in USD if it’s worth less. Srinivasan believes that hyperbitcoinization is on the horizon.

Srinivasan argues that hyperinflation in BTC vs. USD terms will occur due to the digital nature of our world. He believes that everything will happen very quickly once people realize that the Federal Reserve has lied about how much money there is in the banks. He warns that all dollar holders will be destroyed but says there are sources of forewarning: the long-term depreciation of USD vs. BTC. While some may ignore or mock his prediction, Srinivasan maintains that the digital devaluation of the dollar is imminent and intense.

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Bitcoin Magazine

17 Mar 2023 05:34

📣 SVB And Signature Bank Buyers Must Abandon Cryptocurrency Services

The FDIC has set the bid deadline for SVB and Signature Bank to be March 17. Buyers will have to give up all crypto-related business. According to Reuters, regulators at the US Federal Deposit Insurance Corporation (FDIC) have set a deadline of March 17 (Friday) for financial institutions interested in purchasing the Silicon Valley Bank and Signature Bank went bankrupt.

The goal is to sell all of Silicon Valley Bank and Signature Bank. If it is not possible to sell all of it, consider selling part of the shares of the two banks. According to sources obtained by Reuters, only bidders with existing bank charters are allowed to research banks’ finances before submitting their offers, a move intended to give donors an advantage traditional loans compared to private equity firms. The FDIC declined to comment on its behalf, and Silicon Valley Bank, and both Signature Bank and Piper Sandler, the entity responsible for the auction, immediately responded to requests for comment.

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Bitcoin Magazine

15 Mar 2023 09:05

💰 Bitcoin Skyrockets 20% In Wake Of Bank Collapse

In a surprising turn of events, the cryptocurrency market has seen a significant surge in the value of Bitcoin. The market shows that Bitcoin has increased 20.00% within a day and is currently at $24,269. U.S. government announcing a new round of stimulus payments to citizens, many investors may be turning to cryptocurrencies as a way to protect their wealth from inflation.

Another potential factor contributing to this rise in value could be the growing acceptance of cryptocurrencies among mainstream institutions. Over the past few months, a number of major companies have announced their plans to accept Bitcoin and other cryptocurrencies as payment, which could be leading to increased demand and a subsequent rise in value. While the exact cause of this sudden surge in value is still unclear, some experts believe that it could be linked to recent news surrounding the U.S. stimulus package. With the U.S. government announcing a new round of stimulus payments to citizens.

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Bitcoin Magazine

13 Mar 2023 03:52

💰 Bitcoin Fear and Greed Index Drops to 2-Month Low

The index was in a greedy state until recently, but the landscape has changed. The cryptocurrency industry experienced its own set of failures last year when numerous internal companies and projects imploded, resulting in declining prices, countless bankruptcy filings, and, somewhat expectedly, lots of investor losses.

The first several weeks of 2023 saw BTC finally overcoming $17,000, which propelled a mini bull run that drove the asset to and beyond $25,000 in February. After adding almost 50% in this timeframe and charting a multi-month high, the popular Fear and Greed Index skyrocketed from deep within “fear” and “extreme fear” to greed. Yet, bitcoin couldn’t double down on its positive run, even though many industry experts suggested that the bear market was finally over and BTC could go back to charting new highs. Just the opposite, the asset stalled before it dropped back down to around $22,000. More price declines came, with the possible reasons ranging from the US government.

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Bitcoin Magazine

10 Mar 2023 04:53

💰 Mt. Gox’s Largest Creditor Plans To Keep Returned Bitcoin Despite Public Outcry

The Mt. Gox Investment Fund, the largest creditor of the failed Mt. Gox crypto exchange, has reportedly decided to hold on to the Bitcoin due to be disbursed to them this year instead of selling them, as per Bloomberg. The fund will receive 90% of what’s collectible, 70% in Bitcoin, and 30% in cash, with the amount of Bitcoin not yet specified.

The fund, which bought claims against the bankrupt exchange, will receive 90% of what’s collectible in a ratio of approximately 70% Bitcoin and 30% cash in a September payout. The fund has chosen the early payout instead of waiting for all the litigation over the collapsed exchange to be resolved. However, the amount of Bitcoin the fund expects to receive has not been specified. The deadline for Mt. Gox creditors to choose between a September payout or waiting for a higher percentage of their claims is March 10. Mt. Gox, once the largest Bitcoin exchange based in Tokyo, lost customer assets and declared bankruptcy in 2014.

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Bitcoin Magazine

08 Mar 2023 08:13

💰 Judges Express Skepticism of SEC Arguments in Grayscale Bitcoin ETF Hearing

The company went to court Tuesday to argue the SEC's denial of its ETF application was "arbitrary," telling the panel of judges that Grayscale is "asking to be regulated" by the SEC through its conversion of GBTC to an ETF. Grayscale is a subsidiary of Digital Currency Group, CoinDesk's parent company.

Chief Judge Sri Srinivasan and Judges Neomi Rao and Harry Edwards of the District of Columbia Circuit Court of Appeals in Washington, D.C., asked SEC Senior Counsel Emily Parise a number of questions about the agency's argument that bitcoin futures prices underlying futures ETFs were more resistant to manipulation than spot bitcoin markets might be if a spot bitcoin futures ETF was approved. In the SEC's view, said Parise, the 99% correlation does not equate to causation, saying that figure only refers to once-a-day prices rather than intraday prices.

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