Cryptocurrencies To Watch

Tag: Bitcoin News

  • Asset Manager Samara to Raise $32.8M for Bitcoin Purchase

    Asset Manager Samara to Raise $32.8M for Bitcoin Purchase

    German publicly traded asset management firm Samara Asset Group (AG) revealed on Monday that it plans to raise about $32.8 million (€30 million) to boost its investment portfolio by acquiring more limited partnership (LP) stakes and purchasing more bitcoins. 

    $32.8 Million Nordic Bond

    According to its latest announcement, Samara has partnered with Pareto Securities, a renowned investment bank in the Nordic capital markets, to serve as its Sole Manager and arrange fixed-income investor meetings. The goal is to issue a $32.8 million senior-secured Nordic bond.

    While Samara AG will issue the Bond, the asset manager has established Samara Asset Holdings Ltd, a new special-purpose vehicle (SPV) that will pledge to act as a guarantor for the Bond.

    Samara’s latest Bond will be listed on the Oslo Stock Exchange (Oslo Børs) and Frankfurt Stock Exchange (Frankfurter Wertpapierbörse), with a minimum subscription of $109,000 (€100,000).  

    Samara Plans Bitcoin Shopping

    According to the German firm, it plans to use proceeds from the Bond to increase its bitcoin stack. 

    “We are excited by the prospect of placing this Bond and look forward to using the proceeds to acquire more Bitcoin and continue to seed the world’s best-emerging managers,” said Patrick Lowry, Samara CEO.

    Moreover, many Samara executives have expressed optimism about its latest move, seeing it as an effective way to solidify its balance sheet while exploring newer technological advancements.

    Christian Angermayer, a member of Samara’s Advisory Committee, commented, “With this new dry powder, we are excited to invest in and partner with the builders of tomorrow’s most disruptive technologies and grow our Bitcoin position.”

    Samara Adopts MicroStrategy’s Blueprint

    With its latest move, Samara has joined the list of companies that have openly adopted Bitcoin as its primary treasury reserve asset, following the footsteps of American business intelligence firm MicroStrategy. 

    MicroStrategy has spearheaded institutional Bitcoin investment since 2020. Currently, it holds about 252,220 BTC worth more than $16 billion.

    Moreover, its Bitcoin billionaire chairman, Michael Saylor, envisions MicroStrategy becoming the world’s leading Bitcoin bank if the crypto jumps as high as $1 million per BTC.  

    Meanwhile, Samara’s Lowry has followed Saylor’s example by promoting Bitcoin through his social media platforms, identifying Samara as a “forever bitcoin hodling company.” 

  • Buying the Dip: BlackRock Spent $742M on Bitcoin in Two Weeks

    Buying the Dip: BlackRock Spent $742M on Bitcoin in Two Weeks

    The world’s largest asset management firm, BlackRock, has accumulated 12,272 BTC worth $742 million over the past 16 days.

    On-chain data shows that the asset manager has resumed purchasing BTC since September 24, bringing its total holdings to over 369,822 BTC, worth around $23.2 billion. The recent accumulation reflects asset managers’ increasing confidence in the crypto asset’s long-term potential.

    Last week, BlackRock recommended purchasing BTC as the US dollar weakens and loses purchasing power over time. In contrast, Bitcoin positions itself as a hedge against inflation and a solid alternative to offset the dollar’s declining value.

    Big Firms Accumulating BTC  

    BlackRock’s recent purchase is part of a more significant trend of institutional interest in Bitcoin and cryptocurrencies. Other major financial players, such as Fidelity and J.P. Morgan Asset Management, have expanded their crypto offerings recently.

    Meanwhile, other firms are actively accumulating the leading crypto asset. For instance, Metaplanet is capitalizing on bitcoin dips, having recently acquired around 108.99 BTC for ¥1 billion ($7.6 million).

    The purchase came just four days after a previous BTC acquisition earlier this week. As of October 11, Metaplanet now holds 748.50 BTC, bought for $46.7 million.

    Similarly, MicroStrategy spent $458M to acquire an additional 7,420 BTC two weeks ago. The purchase came a week after the firm acquired 18,300 BTC for $1.11 billion.

    The recent market decline has prompted experts to consider the likelihood of a 75% correction based on historical trends.

    Investors Still Optimistic About BTC

    BTC price has seen notable fluctuations recently, influenced by broader conditions and regulatory factors. Despite the price swing, many investors maintain an optimistic long-term outlook for the crypto asset.

    BTC was trading above $63,200 when writing, up 5.28% in the last 24 hours.

  • Michael Saylor Wants MicroStrategy to Become the World’s Leading Bitcoin Bank

    Michael Saylor Wants MicroStrategy to Become the World’s Leading Bitcoin Bank

    Michael Saylor, the executive chairman of business intelligence company MicroStrategy, aims to transform the firm into a trillion-dollar value and become the world’s leading Bitcoin bank. He unveiled this vision during an interview with analysts at asset management firm Bernstein.

    What Fuels Saylor’s Vision?

    Microstrategy’s investment thesis positions Bitcoin as the standout performer of the 21st century. Its chairman views the pioneer crypto as a groundbreaking form of digital wealth that provides unparalleled protection against inflation and a robust store of value over time.

    Another source of Saylor’s conviction in bitcoin’s potential stems from the asset’s unique ability to attract investors seeking substantial returns despite its volatility. As the asset matures, the co-founder predicts it will become an invaluable component of both institutional and retail investment portfolios.

    How Will MicroStrategy Achieve This?

    Saylor plans to raise hundreds of billions through various financial instruments, including convertible notes and preferred stock, which will be used to purchase bitcoins. He predicts MicroStrategy’s value will skyrocket, dominating options and equity markets. 

    Anticipating Bitcoin’s price will reach millions per coin, Saylor believes MicroStrategy will become a trillion-dollar company, leading the financial industry. However, the vision does not end up being highly valued financially.

    Having a significant amount of bitcoins worth trillions of dollars, MicroStrategy will become the leading Bitcoin bank, creating a wide range of BTC-based financial instruments such as equity, convertibles, fixed income, and preferred shares. 

    Saylor’s Unusual Banking Model

    The MicroStrategy’s co-founder shared his unconventional approach to Bitcoin banking. Unlike traditional banks, it will borrow funds but not lend them out. Instead, the Bank will invest borrowed funds in bitcoin, leveraging its attractive average annual growth yield. This strategy, known as capital markets arbitrage, will generate returns without counterparty risk.

    Saylor believes borrowing $1 billion at fixed income rates and investing in Bitcoin at a 50% annual return rate is more intelligent than lending to individuals or corporations at 12-14%. Even in a bear market, he predicts BTC will grow 22% annually over the next decade, questioning who can match the interest rate.

    He further urges other institutions to adopt Bitcoin as a treasury reserve asset, arguing that traditional balance sheet management destroys shareholder value. Firms like Semler Scientific and Marathon Digital have already taken this stance, and Saylor expects more to follow.

  • Metaplanet Acquires Over $6.7M Worth of BTC in Latest Acquisition

    Metaplanet Acquires Over $6.7M Worth of BTC in Latest Acquisition

    Publicly traded Japanese investment firm Metaplanet has spent over $6.7 million (¥1 billion) to acquire 108.99 BTC at an average price of approximately $61,679 per bitcoin. The latest purchase brings the company’s BTC stash to 748.5 BTC purchased for an average price of $62,540 per bitcoin.

    Notably, Metaplanet’s most recent purchase comes amidst a bearish crypto market, showing the company’s long-term bet on the leading cryptocurrency while many investors swim in fear and uncertainty.

    Over 370 BTC in 11 Days

    Since adopting Bitcoin as its primary reserve asset earlier this year, Metaplanet has embarked on a long-term bitcoin acquisition spree, gaining the title “Asian MicroStrategy.”

    Interestingly, the publicly traded company intensified its purchase streak this month, having bought more than 370 BTC within 11 days. On October 1, for instance, Metaplanet went bitcoin shopping with $6.9 million and got 107.91 BTC at $64,100 per bitcoin.

    Two days later, on October 3, the Asian MicroStrategy struck a deal with a Singapore-based crypto trading firm, QCP Capital, getting about 23.97 BTC ($1.4 million) from the company via options sale.

    Expressing further confidence in BTC, Metaplanet also spent $6.7 million to acquire 108.78 BTC on October 7, paying $62,000 per BTC.

    Metaplanet Stock Rallies

    In the long run, Metaplanet’s shift to Bitcoin has yielded many positive results as it is being shielded from the devaluing Japanese Yen.

    Within the past five months, Metaplanet has recorded a massive 443.2% increase in its stock value as investors expect further increase if bitcoin price moves upward.

    Metaplanet has been at the forefront of institutional bitcoin adoption in Japan. With its confidence and regular acquisition of the crypto, it is exposing many of its investors to Bitcoin and the crypto ecosystem.

    Bitcoin Goes Low in Uptober

    Over the years, October has proven to be a bullish month for the crypto market, hence the name Uptober. However, bitcoin has dropped below $59k, leaving investors and analysts in a shaky state as it is moving in the opposite direction of what has been predicted.

    On the positive side, many of the biggest cryptocurrencies are still trading above the support region, further strengthening the hopes of an uptrend soon.

    Notably, the crypto market is divided on which U.S. presidential candidate will foster crypto adoption and move the market upward if elected by November. Many famous investors support Donald Trump who has openly supported crypto in various ways and proposed a bright future for the industry if he excels.

  • Is it Really Uptober or Will The Dump Continue for Bitcoin?

    Is it Really Uptober or Will The Dump Continue for Bitcoin?

    Bitcoin has yet to see the massive increases many analysts predicted would happen in October. The crypto market is also seeing the same sentiment play out, as most significant cryptocurrencies are still struggling above key support.

    Questions about the reason for the apex coin’s stagnant state are increasing, as several bullish metrics—one of which is the upcoming US elections —many believe should push prices.

    The crypto market is divided in its support for the two major candidates in the election, with some presuming that most prefer Donald Trump. Polymarket released new data showing him leading with a 56% winning chance. However, the cryptocurrency has yet to react.

    Macroeconomics is also bullish, with several regions printing positive signs. For example, the United States’ inflation fell to its lowest point in three years. The labor market is also positive, as jobless claims are lower than expected.

    Thailand is also considering letting private funds invest in Bitcoin. This announcement will open the way for more BTC exposure to the country’s citizens. However, all these fundamentals have yet to positively impact apex coin as prices continue plummeting.

    Why the Downtrend?

    Several speculations surround the most recent declines. One such is that institutions reduced their buying pressure. However, on-chain data tells a different story. Exchange reserves are depleting as buying continues. The exchange netflow total is also negative, indicating less inflow of the asset into these trading platforms.

    Another is that there is still fear of further geopolitical escalation as Israel has yet to respond to Iran’s attacks. However, US stocks are seeing notable increases. S&P reclaimed key levels a few hours ago with huge prospects following the CPI release.

    Others say that a large bag holder is selling. The speculation is plausible as the United States received a go-ahead from a court to sell over 69,000 BTC ($4.4 Billion). Although the country made no announcements, pundits claim it follows the same pattern Germany did during its unloading.

    Will Bitcoin Surge Again This October?

    Several indications point to the possibility of a change in price trajectory. Other on-chain metrics are still bullish despite the ongoing downtrend. For example, traders are buying ETFs, and the fund premium is positive.

    Fewer HODLers are willing to sell as there is a moderate number of wallets with notable unrealized profit. Derivatives are also favorable as funding increases. More long position holders are increasing the amount they staked to reduce liquidation amidst the ongoing selling sentiment in the market.

    The spot market may react to the increased funding rates and surge. Nonetheless, on-chain data shows that the relative strength index is printing bullish signals. This indicates that the apex coin has been oversold and that a reversal is imminent.

    Nonetheless, if the large selloff persists, prices may continue plummeting. It remains to be seen how prices will play out in the coming days.

    Key Levels to Watch

    Bitcoin had another significant decline on October 10, losing the $60k support. It retraced to a low of $58,800 before rebounding. Although recovering, it is exchanging between the 78% and 61% Fibonacci retracement levels, which means it is still at risk of further decline.

    Using the highlighted metric, the asset may reclaim $60,000 in the coming hours. However, the bulls must defend this mark or risk losing the $58k support. A flip may result in a drop to the $100 fib level at $56,600.

    Nonetheless, the pivot point standard suggests a further climb after flipping $60k. The apex coin will hover above the pivot as the bulls look to push prices closer to the first pivot resistance. This may also guarantee the flip of the $64k barrier. Such flip may also result in retesting $66k

  • Ireland Holds Over $378 Million BTC Seized From Drug Dealer

    Ireland Holds Over $378 Million BTC Seized From Drug Dealer

    Ireland Criminal Assets Bureau (CAB) has announced the seizure of approximately €345 million ($378 million) worth of BTC.

    The Irish authorities noted that it seized crypto assets from Clifton Collins, a drug dealer who stored the bitcoins in 12 separate wallets for the last four years. The CAB has been unable to access the Bitcoin wallet.

    The authorities also noted that the crypto asset was valued at approximately $56 million at the time of confiscation in 2020, following a decision by Ireland’s High Court that it was the result of criminal activity.

    According to the CAB, the drug dealer was ordered to surrender the crypto asset to the authorities under the proceeds of crime legislation after the police discovered a cannabis cultivation operation at his residence. A freezing order was imposed to stop any transfer of the assets.

    BTC Seed Phrases Lost in Rented Property

    Collins claimed that he concealed a document with the seed phrases for his BTC wallets inside a fishing rod case at a rental property in County Galway. He also said the case was lost during a break-in at his house, though the property’s clean-out after his arrest may have also contributed to its disappearance.

    The drug dealer initially began investing in Bitcoin in 2011, using earnings from his drug business. At the time, the cryptocurrency was trading between $0.30 and $29, and by the end of that year, its price had settled at $4.72.

    According to the CAB’s annual report, €1.2 million ($1.3 million) was recovered from Collins after confiscating assets, including 89 BTC, a fishing boat, a gyroplane, a metal detector, an electric bicycle, and several motor vehicles.

    Governments Seizing Bitcoin

    This is not the first time a country has confiscated bitcoins from criminals. Earlier this year, the German government sold some €2.6 billion ($2.9 billion) worth of BTC seized in a money laundering investigation, causing the price of the crypto asset to drop.

    The U.S. government is reportedly preparing to sell a $4.4 billion stash of BTC confiscated from the dark web marketplace Silk Road after the Supreme Court declined to hear a case regarding its ownership earlier this week.

  • Bullish! Bitcoin Outperforms Gold and Silver Year-to-Date

    Bullish! Bitcoin Outperforms Gold and Silver Year-to-Date

    In a bold rebound, Bitcoin has shrugged off its recent downturn. The resilient crypto asset topped the list of the best-performing assets of 2024, outpacing physical assets gold and silver in year-to-date returns.

    Bitcoin gained 49.2% year-to-date, while silver and gold recorded 30.6% and 26.5%, respectively, according to data collected by Greg Cipolaro, Global Head of Research at New York Digital Investment Group (NYDIG).

    Bitcoin’s Wild Ride in 2024

    Bitcoin’s performance rebounded following a volatile year marked by significant price fluctuations. In the first quarter (Q1) of 2024, Bitcoin saw a considerable price increase from $42,000 to a little above $73,000, recording a new all-time high (ATH) price in March.

    The new ATH record was primarily attributed to the approval of the Bitcoin spot exchange-traded fund (ETF) in the United States in January, coupled with sustained demand growth.

    However, Bitcoin’s momentum was short-lived, as its price fell from $71,400 to $60,700 in Q2, indicating a bearish reversal. This downward trajectory was driven mainly by major economic events, including miner capitulation and the Federal Reserve’s delay in reducing interest rates.

    The crypto market continued its downturn, with Bitcoin recording a 30% quarterly decline in Q3. The fall was attributed mainly to Mt. Gox repayment plans and government-led sell-offs. For instance, the German government sold the entirety of the 50,000 BTC, worth about $2 billion, confiscated from Movie2K in 2013.

    Mid-June 2024 marked the start of Germany’s Bitcoin sales, which continued through Q3, utilizing multiple wallets, OTC trading desks, and major crypto exchanges like Coinbase, Kraken, and Bitstamp.

    Bitcoin Performance Going Forward

    As Q4 unfolds, its outlook remains bullish, with experts predicting a prolonged growth trajectory. Notably, Binance CEO Richard Teng predicted that BTC will sell for more than $80,000 before the end of 2024.

    The 2024 U.S. presidential election could also significantly boost Bitcoin’s performance in recent months. The election’s outcome may clarify regulatory policies, thus influencing investor sentiment and potentially driving demand for the crypto asset.

    The presidential candidates, Kamala Harris and Donald Trump have expressed support for the cryptocurrency sector, albeit to varying degrees. While Harris has recently shown public support for the industry, Trump has consistently endorsed crypto since launching his campaign, even accepting crypto-denominated donations from notable individuals.

  • Metaplanet Goes Shopping Again, Purchases Additional 108 BTC

    Metaplanet Goes Shopping Again, Purchases Additional 108 BTC

    Metaplanet, a Japanese investment firm, has just added 108.78 Bitcoins to its portfolio, valued at ¥1 billion ($6.7 million). This latest purchase was executed at the average price of ¥9.19 million ($62,000) per BTC.

    The firm’s BTC buying spree started early this year in response to Japan’s economic challenges, adopting a “Bitcoin First, Bitcoin Only” strategy. Due to its acquisition approach, Metaplanet has been compared to MicroStrategy, a prominent American Bitcoin investment company.

    Three Moves in One Week

    Metaplanet made two significant Bitcoin purchases and acquired more through a put option exercise in just one week. The Japanese firm added 240.59 BTC to its holdings during the first seven days of October, boosting its reserve to 639.5 BTC.

    Despite what may be seen as a bearish week in the crypto market, Metaplanet seized the opportunity to purchase 107.91 bitcoins on October 1. This highlights the firm’s commitment to expanding its BTC holdings and its bullish stance on the crypto’s long-term value.

    Two days later, the Asian MicroStrategy acquired 23.9 BTC through a put option exercise. By leveraging put options, Metaplanet can increase its Bitcoin reserves without adding financial risk.

    Metaplanet’s Stock Reacts

    Following the latest Bitcoin acquisition announcement, Metaplanet’s shares rallied over 7.8% in 24 hours, reaching ¥988 and pushing its valuation to higher height.

    The firm’s Bitcoin strategy has yielded remarkable results, driving a 517% year-to-date surge in its stock market performance.  Fueled by the ongoing Bitcoin bull run, the stock’s upward momentum may continue.

    Bitcoin Keeps Growing

    Bitcoin has emerged as a global asset, competing with the gold market and outpacing other asset classes. This shift is driven by growing institutional adoption, increasing investor awareness, improving regulatory clarity, and enhanced market infrastructure.

    Notably, United States Spot Bitcoin ETFs have rallied to over $60 billion in assets under management (AUM) in less than a year of operation showing BTC’s potential as a store of value and hedge against inflation.

    As Bitcoin continues to transform investment, users can expect potential changes in central bank policies and the asset’s increased adoption in different regions of the world.

  • Metaplanet Spends Another $1.4 Million on Bitcoin Purchase

    Metaplanet Spends Another $1.4 Million on Bitcoin Purchase

    Metaplanet, the Asian MicroStrategy, has announced its additional acquisition of an additional 23.9 bitcoin (BTC) worth over $1.4 million via option sale. This was executed at an average purchase price of ¥8.95 million (about $60,947) per BTC.

    Bitcoin Acquired with Options Sale

    Metaplanet made a transaction deal with QCP Capital, a Singapore-based digital asset trading firm. It sold put options for 233 Bitcoins, with a strike price of $62,000. This means Metaplanet promises to buy those Bitcoins at $62,000 if the price is below that level by the maturity date, which is December 27, 2024.

    In return for this promise, QCP Capital paid Metaplanet 23.97 BTC. This payment is like an insurance fee. If Bitcoin’s price stays above $62,000, the options expire worthless, and Metaplanet keeps the Bitcoins.

    This strategy helps Metaplanet manage risk and generate income. The firm gets paid to potentially buy Bitcoin. It’s a unique approach to acquiring Bitcoin, combining traditional finance techniques with crypto investing.

    The transaction agreement also includes a margin collateral of $13.826 million. This serves as a security deposit to cover potential losses if Metaplanet is obligated to buy the 233 BTC at $62,000. This amount ensures QCP Capital is protected in case Metaplanet defaults.

    The margin collateral for the put options transaction was sourced from the proceeds of Metaplanet’s eleventh stock acquisition rights exercise, ensuring the company’s ability to meet the contract obligations.

    Japan Gains Crypto Exposure

    As one of Japan’s few publicly traded companies to embrace crypto, Metaplanet is charting a new course, achieving notable success and positioning itself as a model for other institutions to enter the growing crypto market.

    Aptos Labs, the Aptos Foundation’s innovation arm, recently announced its interest in the Japanese crypto market. By partnering with HashPalette, the firm plans to connect with prominent Japanese businesses and gain access to key players in the market.

    Meanwhile, Japan’s crypto history has been marred by two massive exchange hacks, despite being an early adopter among retail investors. This has reduced investor confidence in the country and has prompted regulators to intervene earlier than in other countries.

  • Over $500M in Long Position Liquidated as Bitcoin Crashes to $60K

    Over $500M in Long Position Liquidated as Bitcoin Crashes to $60K

    The recent crash in the crypto market, induced by news of Iran attacking Israel, has triggered a wave of liquidation, with more than half a billion dollars in long positions liquidated.

    The news of the attack caused bitcoin (BTC) to crash to $60k from over $64k, as investors fear an impending World War III.

    Bullish Crypto Traders Caught Unaware

    The sudden plunge caused a heavy blow to futures traders, marking their largest losses since early August.

    Data from crypto derivative analysis platform CoinGlass revealed that Bitcoin traders who had opened long positions lost more than $127 million, while Ethereum (ETH) positions saw nearly $107 million in liquidations.

    Other altcoins collectively suffered over $85 million in liquidations, the highest amount since July, while memecoin Pepe (PEPE) contributed an unexpected $10 million.

    The market crash and mass liquidation started hours after Iran launched missiles at strategic Israeli locations, prompting Israel to warn of potential retaliation in the days ahead.

    Crypto’s Uptober Having a Bad Start?

    Bitcoin dropped to a low of $60,300 late Tuesday, marking its worst start to a historically bullish month, before rebounding above $61,500 at the time of writing.

    Data also revealed that nearly 86% of all futures positions were bullish, as traders anticipated higher prices in the coming weeks.

    Historically, October is favourable for Bitcoin, with only two losing October since 2013, averaging a return of 23%. As such, the 10th month is popularly known as “Uptober.”

    Furthermore, Bitcoin historically performs well after presidential elections in the United States, and some speculators see BTC reaching new highs by the end of the year if history repeats itself.