Capital Financial News

cryptocurrency. The Tysons Corner, Virginia-based company booked impairment losses from digital assets of $1.01 billion in the quarter, compared with $39.2 million a year ago.

Now, bitcoin is at the doorstep of $100,000 and investors do not appear to be phased by gravity or any cautionary tales of the cryptocurrencies history of volatility.

Dilip Chenoy, Chairperson of the Bharat Web3 Association, noted, «Bitcoin has reached a new all-time high of $76,400, marking a significant milestone in the digital asset market. This surge is largely attributed to the favorable political climate of Donald Trump's return to the presidency, which many believe will boost the adoption and regulation of virtual digital assets (VDAs).»

The firms did not disclose the transaction value, but BitOasis said in a separate statement that CoinDCX, which had already acquired a stake in the business last year, now owns the full share capital of the Dubai-based company.

The company's stock has more than doubled this year, while bitcoin has gained more than 50%, fueled by the U.S. securities regulator's January approval of exchange-traded funds (ETFs) tied to the spot price of the cryptocurrency.

Bitcoin Trust since the launch of the ETFs, net inflows into US Bitcoin ETFs remain positive. These inflows, totaling $7.35 billion, originate from some of the biggest names in the investment industry, including BlackRock Inc. and Fidelity Investments. Areport by Bloomberg on March 4 says the leading cryptocurrency, known for its high liquidity, witnessed a climb of up to 6.7%, reaching $67,069 on March 5. This marks its first breach of the $67,000 threshold since November 2021. Year-to-date, the token has experienced a surge of approximately 60%, significantly outperforming traditional asset classes like stocks.

Bitcoin halving events have historically provided global investors with successive bullish momentum that have often resulted in all-time high levels. As the Bitcoin halving event in 2024 approaches on April 19, questions have been raised about whether the market will repeat itself once again or not. Investors are waiting eagerly for the appropriate moment to invest in the world's largest cryptocurrency, with lingering questions about whether it would be the right time to invest. Bitcoin price action history suggests that similar to the halving events of the past, the halving event on April 19 could provide an opportunity for investors to invest their capital in the cryptocurrency. It showed a steep climb from $42,000 at the beginning of the year to $72,000 on March 12 to establish a brand new all-time high level. The development came only a week after it had toppled the 2021 all-time high of $68,729. During this time, the US Federal Reserve maintained the interest rates. However, the rates are expected to be slashed in the later months of 2024.

capital through convertible bonds offering for the second time in less than 10 days to further increase its exposure to booming bitcoin. The software firm said after markets closed on Wednesday that it was offering $500 million in convertible notes due in 2031 to institutional investors. The company had announced a $600 million private offering in convertible notes on March 5.

Fund inflows to exchange traded funds (ETFs) tied to the spot price of bitcoin dropped to about $200 million on the second day of trading after attracting $629 million on their debut on Jan. 11, early estimates from J.P. Morgan showed. Eleven such ETFs, with total assets under management worth $27.9 billion, entered the U.S. stock market in a watershed moment for the cryptocurrency industry after years of regulatory tussle over investor protection. So far, ETFs by BlackRock and Fidelity have attracted the most funds at nearly $500 million and $423 million, respectively, in the first two days of trading, the brokerage estimated. However, details on fund flows from issuers such as Bitwise, Franklin and VanEck are still awaited.

Asset manager Fidelity is expected to file with the U.S. securities regulator for a spot bitcoin exchange-traded fund, joining other big money managers seeking to launch bitcoin ETFs, the Block reported on Tuesday citing a source familiar with the matter. In the past two weeks, BlackRock, WisdomTree, Invesco, VanEck, and Bitwise have filed new applications with the U.S. Securities and Exchange Commission (SEC) for spot bitcoin ETFs, sending the price of bitcoin to a more than one-year high of over $31,000 on June 23. Fidelity declined to comment. The Boston-based financial firm is also part of a consortium that includes market makers Citadel Securities and Virtu Financial, retail broker Charles Schwab, and venture capital firms Paradigm and Sequoia Capital, which recently launched a crypto exchange called EDX Markets.

Terraform Labs, and one of his aides to four months in prison on charges of using fake passports. Kwon, 32, who was behind cryptocurrencies that suffered a multi-billion dollar crash last year, and his chief financial officer, identified only by his surname Han, were arrested at Podgorica Airport on March 23 after attempting to travel to Dubai with forged passports, reports Yonhap News Agency. The Basic Court in Podgorica announced on its website, it handed four-month prison terms to both. They denied the charges during previous hearings. Earlier this month, the court granted bail to both on the condition that they each pay 400,000 euros ($428,241) in bail money and are placed in confinement under police surveillance.

Arrows Capital sold for about $2.5 million. Of the tokens, «Fidenza #725,» an image with graphic dashes and curves in a muted palette of cream, yellow, pink and black, fetched the highest price at over $1 million. Three Arrows Capital purchased it for 135 ether in 2021, equal to about $341,786 at the time, according to DappRadar. The auction was part of liquidating Three Arrows, according to a February memo from Teneo, one of the court-appointed liquidators. Singapore-based Three Arrows was the first major crypto firm to go bankrupt in 2022, brought down by the collapse of cryptocurrencies Luna and TerraUSD. It filed for bankruptcy in the British Virgin Islands in late June 2022.

Crypto lender Voyager Digital said Wednesday that customers will soon recover about 35% of their cryptocurrency deposits as the company winds down operations after a failed buyout attempt by crypto exchange Binance.US. U.S. Bankruptcy Judge Michael Wiles approved Voyager's liquidation plan at a court hearing in Manhattan, allowing the company to return about $1.33 billion in crypto assets to customers and end its efforts to reorganize under Chapter 11. Customers may be able to make withdrawals by June 1, Voyager's official creditors committee said. Any distribution beyond the initial 35% would depend on the result of future litigation. Voyager filed for bankruptcy protection in July, citing volatility in cryptocurrency markets and a default on a large loan made to crypto hedge fund Three Arrows Capital (3AC).

Ownership of digital currencies in Turkey was the highest in the world at 27.1% followed by Argentina at 23.5% — well above global crypto ownership rate estimated at 11.9% — according to data from research firm GWI. What's common to Turkey and Argentina besides their pole positions in crypto adoption is high inflation, which has led to crumbling currencies and capital controls to deter local residents from taking money out. Turkey's annual inflation was 50.51% in March, Argentina's was even higher at 104%. The lira and peso have been plunging and are at record lows. Argentina's peso trades around 464 per dollar in the black market, more than double the official exchange rate of 222.

asset called UpToken. Friday's settlement resolves claims that Coinme's Up Global unit and Neil Bergquist, who led both entities, misled investors in a late 2017 initial coin offering for UpToken, which was issued on the Ethereum blockchain. The SEC said investors were led to believe Up Global would limit the supply of UpToken, while Coinme would create constant demand for UpToken to fund a bitcoin automated teller machine rewards program, helping boost UpToken's price. According to the regulator, the claims were misleading because Up Global had quietly conducted transactions that reduced Coinme's need for UpToken.

The fallout from the failure of Silicon Valley Bank reached further into crypto, unhinging a key cog in the market that’s meant to be among the safest digital assets in the space. The second-largest stablecoin fell from its intended $1 peg, trading as low as 81.5 cents as investors reacted to the exposure of issuer Circle Internet Financial Ltd. to the collapsed bank. USD Coin, or USDC, is an asset-backed stablecoin and a widely used plank of crypto markets. The token is intended to hold a constant $1 value, fully backed by reserves of cash and short-dated Treasuries. But late Friday, Circle disclosed that $3.3 billion of its roughly $40 billion stockpile of reserves is held with Silicon Valley Bank, which has just become one of the largest US bank failures in recent history. Regulators seized the bank on Friday and investors are awaiting more clarity on the return of deposits. In that vacuum, USDC fell below $1, and was trading at about 91 cents as of 8:45 a.m. in New York. Smaller stablecoins like DAI, which is sometimes viewed as a proxy for USDC, and Pax Dollar also fell from their pegs. DAI is the fourth-largest stablecoin by circulation and one of the most widely used tokens in decentralized finance.

High electricity costs, a plunge in digital assets prices and persistent network competition in the fourth quarter slashed mining profit margins and made it difficult for miners to stay afloat. Core Scientific Inc., the largest public Bitcoin mining company by computing power, went bankrupt and multiple major miners warned of liquidity crunches. While struggling miners have garnered some relief from Bitcoin’s 40% rebound this year, they are still under financial pressure. The rise in Bitcoin has made it easier for miners to raise capital from the equity market after debt-financing opportunities dried up and interest payments outpaced cash flows in the quarter. Miners such as Marathon Digital Holdings Inc. and Riot Platforms Inc. have been among the best performing US stocks this year, gaining more than 75% each after tumbling in value in 2022. “Public market investors are not typically those that look at hash price and mining machines,” said Ethan Vera, chief operations officer at crypto-mining services firm Luxor Technologies, referencing industry terms used to calculate miners’ revenue. “Their investing is based on the price of Bitcoin.”