Author: Jonathan Agozie

Just a few weeks after purchasing over 1400 BTC worth $100 million, Bitcoin mining firm Marathon Digital Holdings has announced its plan to privately offer $250 million of convertible senior notes to “qualified institutional buyers.” The company noted that the fund will be used to purchase more BTC and for general corporate purposes, including working capital and expansion of existing assets.

Marathon clarified in the official statement, that it may use the over-allotment option as it plans to sell additional notes to the initial buyers. The qualified buyers may be able to buy up to a maximum of $37.5 million collectively within 13 days of the initial sale. 

The firm noted that the convertible notes will yield interest for its buyers; however, the interest will only be payable semi-annually – March 01 and September 01 of each year. The periodic payment will commence on March 01, 2025. While the notes are eligible for conversion starting September 6, 2028, they will mature on September 01, 2031.

When due, the note purchasers will have the option of converting it into Marathon’s common stock, potentially benefiting from any future stock price appreciation. However, before the due date, private sale participants can also require the firm to repurchase their notes for cash under certain circumstances not clearly stated by MARA.

Marathon is the world’s largest Bitcoin mining firm based in Florida, USA. The firm’s stock is listed on the NASDAQ stock exchange with the ticker symbol “MARA.” It is worth noting that the firm already has over 20,800 BTC in its portfolio according to data from Bitcoin Treasuries.

The crypto community usually pays attention to the buying patterns of large Bitcoin holders such as miners and institutional investors. Due to the high volume of capital involved, such buys can significantly influence the Bitcoin price. 

The involvement of more Institutional investors in Bitcoin excites the majority of crypto users as it is evidence of increased adoption and credibility. Such investors tend to have a long-term perspective, which can support Bitcoin’s growth. 

The Shiba Inu community remains hopeful for a price rebound, as significant trading volume often leads to positive price movement.

Shiba Inu (SHIB) saw a big jump in trading volume, rising 44% after a 92% increase in its token burn rate. According to Shibburn, a platform that tracks the burning of SHIB tokens, over 4.1 million SHIB were burned during this time, adding to the over 410 trillion tokens already removed from circulation.

The trading volume surge came from multiple exchanges: $74 million from OKX, $40 million from Bitget, and $30.05 million from BingX. This activity across different platforms shows strong confidence among traders, potentially signaling a strong community response to market conditions.

Shiba Inu’s Resilience and Potential for Growth

The rise in trading volume shows more interest and activity among traders, even though the market is currently down. With the overall crypto market dropping 4.4% to $2.31 trillion, Shiba Inu’s resilience is noteworthy. The trading volume increased to $161.95 million, showing a robust trading environment despite broader market challenges. The Shiba Inu community remains hopeful for a price rebound, as significant trading volume often leads to positive price movement. The 92% increase in the token burn rate also adds to this optimism, indicating a deliberate effort to reduce supply and increase value.

Shiba Inu’s market cap fell by 5.78% to $9.6 billion, reflecting bearish market sentiment. This downturn is part of a broader trend in the crypto market, affecting many cryptocurrencies. However, the increase in trading volume during a market downturn is a positive sign, suggesting that traders are strategically buying during price dips. 

Increased buying activity can stabilize and boost the market by driving prices up due to higher demand. The Relative Strength Index (RSI) for Shiba Inu, which gauges market strength, is currently at 41. An RSI between 40 and 90 signals an uptrend, with 40-50 acting as support. SHIB’s current RSI indicates it is still in a good range for potential growth.

Trump’s supportive stance on cryptocurrencies has triggered a significant rise in digital currency donations for his campaign. 

Donald Trump has raised over $4 million in cryptocurrency contributions, according to a CNBC report. The donations came in Bitcoin (BTC), Ethereum (ETH), XRP, and the USD Coin (USDC).

More than $2.15 million in BTC was contributed by 19 donors from 12 states. The Federal Election Commission’s (FEC) filing revealed that the donors’ professions varied widely, including roles such as homemaker, U.S. military officer, missionary, painter, sales representative for a pizza company, and security technician with the State Department.

The FEC filing detailed the contributions to the “Trump 47” joint fundraising committee from April 1 to June 30. During this period, the committee raised approximately $120 million, with regular payouts going to Trump’s campaign, the Republican National Committee, and other affiliated parties. 

Trump’s campaign has quickly converted these crypto contributions into the more stable USDC, with some funds held for strategic purposes. Trump’s supportive stance on cryptocurrencies has triggered a significant rise in digital currency donations, enhancing his campaign funds and demonstrating the growing acceptance of cryptocurrencies in mainstream politics.

Support for Trump Through Major Crypto Contributions

Cameron and Tyler Winklevoss, co-founders of Gemini, also donated Bitcoin to Trump’s campaign. Each brother contributed 15.47 BTC, valued at around $1 million at the time of the donation. However, the excess amount was returned to them since their contributions exceeded the legal limit of $844,600. BitGo CEO Mike Belshe also donated $50,000 to BTC.

Kraken CEO and Founder Jesse Powell committed nearly $1 million, primarily in Ethereum, to support Trump’s campaign. Powell used this opportunity to voice his dissatisfaction with the current U.S. administration’s stance on crypto regulation. He criticized Senator Elizabeth Warren and SEC Chairman Gary Gensler, believing that Trump’s policies would be more favorable for the crypto industry.

Ripple’s Chief Legal Officer, Stuart Alderoty, contributed $300,000 worth of XRP, while Ryan Selkis, the former CEO of Messari, donated $50,000 in USDC. These substantial contributions reflect a strong belief in Trump’s potential positive impact on the cryptocurrency sector.

Trump is slated to speak at the upcoming Bitcoin Conference in Tennessee. He will deliver a keynote address on the cryptocurrency industry, indicating his continued engagement and support for the sector.

This rise in user activity and adoption of these blockchain platforms indicates significant sector expansion.

popular blockchain protocol Tron has reached a significant milestone with its total transactions surpassing $8 billion. This increase in blockchain activity comes alongside a notable rise in trading volume and value over the past 24 hours. 

The total number of transactions on #TronNetwork has exceeded 8.1B and the total number of transactions on #Ethereum has exceeded 2.45B. pic.twitter.com/DKY3AXbeTZ

— Lookonchain (@lookonchain) July 24, 2024

According to CoinMarketCap data, Tron’s market cap has grown by 2% to $11 billion, ranking it 11th among cryptocurrencies. The trading volume has also jumped by 20%, totaling $267 million in the last 24 hours.

Recent Price Fluctuations and Market Stability

Over the past week, Tron (TRX) has seen notable fluctuations. Starting the week at $0.1346, TRX showed promising gains, peaking at around $0.136 before dropping to $0.1332. It then rebounded, climbing above $0.1340, where it currently stands. This surge in Tron’s price suggests a possible upward trend in its value.

The small drop of 0.17% over the past week indicates a period of relative stability amid the usual fluctuations of the cryptocurrency market. Despite this minor decline, on-chain data from IntoTheBlock shows that 93% of Tron addresses remain profitable, suggesting that most TRX holders are still in a favorable position.

The bullish trend in the market is further supported by recent activity on the Tron Network, which has surpassed 8 billion transactions. This increase in transaction volume reflects growing user engagement and adoption of the platform.

Similarly, Ethereum has shown impressive performance with over 2.45 billion transactions. This rise in user activity and adoption of these blockchain platforms indicates significant sector expansion.

Technical Indicators and Market Sentiment

The daily technical indicators for TRX suggest a mixed outlook. The Relative Strength Index (RSI), which stands at 58.96, is slightly above the midpoint of 50. This shows a balanced market sentiment with no extreme buying or selling.

The Awesome Oscillator (AO) shows diminishing green bars, indicating that while positive momentum exists, it is weakening. Meanwhile, the Average Directional Index (ADX), which measures the strength of a trend, is declining and currently sits at 23.61, signaling a weakening trend.

Overall, these indicators imply that although Tron still has some positive momentum, it is losing strength. Therefore, the outlook is cautious rather than positive, with expectations of stability or minor fluctuations rather than strong upward movements.

This increase in large transactions coincides with the liquidation of assets by the group behind the WazirX hack.

Blockchain analytics firm IntoTheBlock revealed that Uniswap (UNI) has seen a huge 1,298% increase in large transaction volume, showing a rise in whale activity. Large Transaction Volume measures the total amount moved by whales and big players on a given day, giving insights into market behavior.

Spikes in this volume suggest high activity among big holders, either buying or selling. In the last 24 hours, Uniswap reported $42.71 million in large transaction volume, equal to 546 million UNI, marking a 1,298.38% rise.

Market Impact of the WazirX Hack

This increase in large transactions coincides with the liquidation of assets by the group behind the WazirX hack. The hackers sold off a significant amount of Uniswap, leaving them with about $5 million worth of the stolen assets.

.@WazirXIndia exploiter top seller of UNI 👀 pic.twitter.com/NLWccBWASz

— Alex Svanevik 🐧 (@ASvanevik) July 22, 2024

The recent hack of Indian crypto exchange WazirX, which caused over $230 million in withdrawals, has shaken the market. In the past week, the hackers became the top sellers of Uniswap, selling $859,514 in UNI tokens, according to Nansen data. This sale likely contributed to the surge in large transaction volumes. Currently, Uniswap is trading at $7.91, down 0.81% in the last 24 hours, and has dropped 3.64% over the past week.

Uniswap’s Growth and Future Innovations

Uniswap has also reached a major milestone, surpassing $2 trillion in all-time trading volume as of April 2024. This was achieved in about five and a half years since its launch in November 2018. It took Uniswap 42 months to reach the first $1 trillion in May 2022 and less than 24 months to double that volume, despite more competition in the decentralized exchange (DEX) space. 

Uniswap remains the largest DEX by trading volume, holding 54.7% of the market share, with PancakeSwap following at 23.2%. In other news, Uniswap Labs has launched a wallet browser extension that supports 11 blockchains, including Ethereum, Base, Blast, and Arbitrum.

Looking ahead, the Uniswap Foundation plans to release an upgrade for Uniswap v3 in the third quarter of the year, following the successful deployment of Dencun on the Ethereum mainnet. This v3 upgrade will include features to optimize gas fees and allow for dynamic adjustments.

IBIT’s share price has risen by 20% in the past two weeks and is up 46% this year, showing its significant impact on the market.

The crypto data analyst platform HODL15Capital recently noted that BlackRock’s Bitcoin ETF (IBIT) is a major player in the U.S. Bitcoin ETF market, holding over $22.3 billion in assets. Since it started, the ETF has attracted over $19.5 billion in inflows, showing strong investor interest. IBIT’s share price has risen by 20% in the past two weeks and is up 46% this year, highlighting its significant impact on the market.

https://twitter.com/HODL15Capital/status/1815520128274166000?t=MRmg74zEXn9dbL9ekkV5NA&s=19

There is speculation that BlackRock CEO Larry Fink could become Treasury Secretary if Donald Trump wins the next election, adding more interest to BlackRock’s growing influence in finance. IBIT’s trading activity has surged, recently reaching $912 million in trading volume. This increase shows growing confidence among both institutional and retail investors in Bitcoin.

IBIT’s Performance Trends

A closer look at IBIT’s performance reveals several trends. ETF flows started strong in February 2024 with $386 million, peaking at $612 million, before dropping to $96 million. March saw high volatility, with peaks at $849 million and $452 million, followed by a stable April with lower volatility.

May 2024 had significant outflows and nearly no flow days, but June recovered with positive inflows reaching $347 million. The upward trend continued into July, ending with a considerable $525 million in inflows.

Key support and resistance levels for IBIT have appeared. In April, $19 million and $21 million were important support points. During June’s recovery, $18 million was key support. On the resistance side, March’s $849 million peak is a strong resistance level, followed by $612 million and July’s $525 million peak.

The overall trend in IBIT flows suggests increasing investor interest, with periods of high volatility followed by market consolidation, as seen in April. The July surge shows renewed investor confidence, possibly leading to more bullish momentum.

SEC Approves Nine Ethereum ETFs

In related news, the SEC has approved nine Ethereum funds to begin trading at 9:30 AM on Tuesday, July 23rd. This approval includes BlackRock’s Ethereum Trust Fund (ETHA), Fidelity’s Advantage Ether (FETH), and seven other ETFs. 

🚨 The SEC has officially approved 9 Spot Ether ETFs to begin trading today. #Crypto #EtherETFshttps://t.co/SWbd5l14kD

— Cryptocurrencies To Watch (CTW) (@CryptosToWatch) July 23, 2024

The approval is expected to significantly impact the industry by attracting massive inflows. Additionally, ETHA plans to launch with a 0.25% management fee, which could replicate IBIT’s success and further strengthen BlackRock’s position in the cryptocurrency market.

The regular burns have built trust in the BNB community, with BNB Chain planning to continue them quarterly until it cuts the total supply by 50%.

BNB Chain recently completed its 28th quarterly BNB token burn, removing 1,643,698.8 BNB from circulation, worth about $971 million. This burn is one of the biggest in the network’s history. The BNB token burn is an essential part of BNB Chain’s plan to reduce the total supply and increase the value of the remaining tokens. These quarterly burns follow a set plan to make the tokens scarcer and support long-term price growth.

The 28th quarterly $BNB token burn has been completed directly on BNB Smart Chain (BSC), with 1,643,699 #BNB has been burned.🔥

🧐 View burn details: https://t.co/gE4IEsQlg3 pic.twitter.com/jTZqZqcjhH

— BNB Chain (@BNBCHAIN) July 22, 2024

BNB Chain plans these token burns carefully to benefit the community and investors. By reducing the total supply, the BNB chain creates a deflationary effect that can increase the token’s value over time. Users can use BNB tokens on the BNB Chain network for transactions on opBNB Layer 2 solutions, Binance Smart Chain (BSC), and BNB Greenfield. BNB holders also have governance rights, allowing them to participate in the network’s decision-making processes.

BNB Chain’s Strategic Burns

BNB moved from the Ethereum (ETH) blockchain to the BNB network in April 2019, following the “Build & Build” philosophy, which shows the crypto’s dedication to developing the Binance Coin ecosystem. Despite market ups and downs, BNB has stayed strong and remains one of the top cryptocurrencies by market capitalization. The $971 million burn shows the network’s commitment to its tokenomics strategy and its confidence in BNB’s future.

Binance, the company behind BNB Chain, often stresses the importance of these token burns. Former CEO Changpeng Zhao (CZ) regularly discusses how burns create value for token holders. The regularity and transparency of these burns have built trust and optimism in the BNB community. Recently, BNB Chain has launched several upgrades and partnerships to expand its use and adoption.

From DeFi projects to NFT marketplaces, BNB Chain continues to diversify its offerings, attracting a wide range of developers and users. Looking ahead, BNB Chain plans to keep the quarterly burns going until it cuts the total supply of BNB tokens by 50%. Currently, BNB is trading at $594, with a total supply of 145.9 million BNB.

The collaboration is set to boost interoperability and broaden the consumer network, potentially transforming the blockchain industry.

According to Coinglass, a platform that tracks cryptocurrency market data, Toncoin’s trading volume has surged by 170.12% in the past 24 hours, reaching $218.92 million.

This dramatic increase is likely linked to a recent major partnership between the TON Blockchain and Animoca Brands’ Mocaverse, alongside the MOCA Foundation. This partnership aims to build a strong consumer network, targeting 1.6 billion users and driving the adoption of blockchain technology.

TON Partners MOCA

The alliance between the TON Blockchain, Animoca Brands, and the MOCA Foundation represents a significant development in the cryptocurrency and blockchain fields. This collaboration is set to boost interoperability and broaden the consumer network, potentially transforming the blockchain industry.

The TON Foundation and MOCA Foundation will use their marketing and token resources to encourage user integration across their ecosystems. Animoca Brands and Mocaverse will promote the benefits of working with the TON blockchain, particularly for gaming projects. They will also integrate Moca ID into the TON blockchain and ecosystem, along with TON Society ID, to ensure smooth interoperability.

Together, the partnership combines the user bases of both platforms, with TON’s 900 million users and Moca Network’s 700 million, creating a potential reach of over 1.6 billion users. This merger aims to enhance growth across ecosystems, with Moca Network positioning itself as a “network of networks” and the TON Blockchain serving as a key partner.

A steering committee will be established to oversee the partnership. This committee will include representatives from Mocaverse, the MOCA Foundation, and the TON Foundation. It will manage a special fund dedicated to expanding the ecosystem. The partnership also involves a $20 million token swap agreement, using TON and MOCA tokens. These funds will support user growth through the PointFi system and help onboard new applications to the TON ecosystem.

A key part of the partnership focuses on improving user reputation within the network. The Realm SDK will be adopted as a central tool for managing user reputation across ecosystem apps on the TON Blockchain. This move aims to build trust and encourage greater user engagement.

Additionally, the TON Foundation has announced the upcoming launch of TON Teleport BTC. This project will enable secure and efficient transfers between Bitcoin (BTC) and the TON Blockchain, aiming to increase Bitcoin’s role in the decentralized finance (DeFi) sector.