Tag: Bitcoin News

  • Morgan Stanley Allows Advisers to Offer Bitcoin ETFs.

    Morgan Stanley Allows Advisers to Offer Bitcoin ETFs.

    Morgan Stanley has become the first major Wall Street bank to approve Bitcoin ETFs for sale to some clients.

    While popular banking giants have restricted bitcoin ETFs, famous U.S. investment bank and asset manager Morgan Stanley has told its financial advisers that it will soon allow them to pitch and offer Bitcoin Exchange-Traded Funds (ETF) to selected eligible clients. The company is set to allow clients to purchase two ETFs, BlackRock’s IShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC).

    Morgan Stanley to Offer BTC to Wealthy Clients

    According to reports from CNBC, Morgan Stanley has given its financial advisers the go-ahead to offer Bitcoin ETFs to eligible clients. To qualify for the Bitcoin ETF offers, clients must have at least $1.5 million in assets under management by the company. 

    Officials familiar with the matter revealed, “Only clients with a net worth of at least $1.5 million, an aggressive risk tolerance, and the desire to make speculative investments are suitable for bitcoin ETF solicitation. The investments are for taxable brokerage accounts, not retirement accounts.” This move will be effective starting Wednesday, August 7. 

    According to reports, Morgan Stanley is allowing its more than 15,000 financial advisers to offer shares of the two most actively buying bitcoin ETFs, BlackRock’s IBIT and Fidelity’s FBTC, to clients that meet the requirements. Before the announcement, the asset manager held about $269.9 of Grayscale’s Bitcoin Trust (GBTC).

    Morgan Stanley holds over $1.5 trillion of clients’ assets under management (AUM). With its already-built fame in the American financial market, many investors consider this a smart move. As the reports revealed, the strategic move is in response to clients’ demands for crypto products.  

    Since the U.S. Securities and Exchange Commission (SEC) approved Bitcoin ETFs in January, they have taken in over $17 billion. Morgan Stanley’s move is a significant step towards cryptocurrency adoption in the traditional financial world, as it makes it even easier for investors to purchase bitcoins via ETFs. Notably, the two ETFs offered by Morgan Stanley have recorded the most inflows in crypto ETF history. IBIT has taken in over $20 billion, while FBTC has inflowed $9.9 billion.

  • MicroStrategy Spends Extra $11.4 Million to Acquire 169 BTC

    MicroStrategy Spends Extra $11.4 Million to Acquire 169 BTC

    MicroStrategy now holds 226,500 bitcoins, almost 1.1% of the total bitcoin supply.

    The world’s first public bitcoin holding company, MicroStrategy, has continued its purchase spree. While other companies have relented in their bitcoin acquisitions due to volatility, MicroStrategy has shown even stronger confidence in the cryptocurrency. The company announced that it has added 169 bitcoins to its possessions. 

    MicroStrategy Goes Bitcoin Shopping Again

    Since stepping down as CEO of MicroStrategy, Michael Saylor has focused on helping the company acquire more bitcoins. Announcing the company’s last purchase on Monday, he revealed that MicroStrategy spent $11.4 million to acquire an additional 169 bitcoins amid the unstable crypto market.

    According to Saylor’s post, the company spread its bitcoin purchase throughout July. He also emphasized that the company’s active bitcoin development strategy, which lays out its buying plan, is vital to its plans.

    Through a recent press release, MicroStrategy revealed that since Q2 2024, the company acquired 12,222 bitcoins worth $805.2 million at an average price of $65,882 per BTC. Most of the funds spent purchasing these bitcoins were raised from selling convertible notes

    Concluding July, MicroStrategy now holds 226,500 bitcoins acquired for approximately $8.3 billion over four years. It bought all its bitcoins at an average price of $36,821 per BTC. 

    Considering that the price of bitcoin is sitting at $65,000 at press time, according to live data from CryptocurrenciesToWatch, MicroStrategy’s bitcoin holdings are worth over $14.7 billion. The company has gained over $6.4 billion from its acquired bitcoins.

    Setting the Pace

    Since the company announced its first bitcoin purchase in 2020, when the cryptocurrency was still below $20,000 per coin, it has displayed unswerving confidence in bitcoin. Saylor continues to acquire more bitcoins with a clear long-term vision and no known intentions to sell. Expressing strong conviction in the future of bitcoin, he has predicted that the cryptocurrency will hit $13 million per coin in 2045.

    Since adopting bitcoin as its primary reserve asset, many companies have followed MicroStrategy’s footsteps. Japanese company Metaplanet has adopted bitcoin as its reserve asset to shield itself from the effects of the ongoing economic crisis in Japan. Bitcoin miner Marathon Digital Holdings has also announced a $100 million bitcoin purchase. It plans to hodl mined BTC and acquire more from the market.

  • Gary Cardone Donates 12.8 BTC ($842,000) to Support Donald Trump’s Campaign.

    Gary Cardone Donates 12.8 BTC ($842,000) to Support Donald Trump’s Campaign.

    Donald Trump’s support for cryptocurrencies has gained him massive contributions from famous Bitcoin holders.

    Famous American entrepreneur and crypto investor Gary Cardone has donated 12.8 BTC ($842,000) to aspiring President Donald Trump’s campaign. He expressed conviction that supporting a crypto-inclined president will be a significant step toward obtaining the world’s financial freedom. The crypto-supportive U.S. presidential candidate, Trump, has gained the support of many popular crypto investors.

    Gary Cardone Donates BTC to Donald Trump

    In a post on X last Sunday, Cardone revealed that he had never been interested in or supported political campaigns. However, involvement in Bitcoin has dragged him into the political system. He also noted that he had always believed in Trump since previous campaigns but hadn’t expressed open support. 

    Further, he stated that although it is hard to give Bitcoin away, he has donated 12.798 BTC to support Trump’s campaign and ensure his victory in the forthcoming November 5th election. He explained the reason behind his open donation: “I needed to give Mr. Trump enough fuel in his tank to ensure that Trump was in a position where he could beat these people who seem to be able to raise enormous amounts of money.”  

    Cardone called out for other Bitcoin enthusiasts to support Trump’s campaign, which is a testament to the unity within the cryptocurrency community. He noted that Trump’s interest in Bitcoin and the digital asset industry is a positive sign. He expressed his confidence that the industry will flourish under a leader who supports it.

    The entrepreneur expressed further confidence in the benefits of crypto adoption in the U.S., saying: “Bitcoin can help us remain super competitive and innovative globally without any kinetic weapons. This is an unbelievable opportunity for any human being that has access to a telephone.” 

    Other Bitcoiners Support Trump’s Campaign

    Before Cardone revealed his cryptocurrency donation, other Bitcoin holders openly supported Trump by transferring large amount of bitcoins to boost the campaign. Around late June, the Winklevoss twins donated 30.94 bitcoins worth about $2 million to support his stand for cryptocurrencies. Co-founder of Kraken, Jesse Powell, also donated $1 million in cryptocurrencies to support Trump’s campaign.

  • Bitcoin Holder Kidnapped and Murdered Over 3 BTC

    Bitcoin Holder Kidnapped and Murdered Over 3 BTC

    A 29-year-old Bitcoin holder was robbed and killed after locals found out about his BTC possession.   

    A bitcoin holder has been kidnapped and murdered, with the suspects allegedly stealing nearly 3 bitcoins (BTC) worth approximately $170,000.

    According to a report from the National Police of Ukraine, the incident occurred at midnight when residents of a house in Solomyansk district heard screams and saw several unidentified men beating and forcefully dragging a man into a car.   

    Victim Forced to Transfer Bitcoin Before Murder

    Following the report, a special police operation was immediately launched to search for the suspects. Another group of police was directed to where the crime occurred. 

    The combined efforts of police units and investigators from the Main and Solomianskyi departments resulted in the identification and arrest of the four suspects. 

    The police explained that the detainees had planned for the operation before the incident occurred, knowing that the victim had BTC in his possession. 

    According to the police, the men traced the victim’s home address and waited until he returned from work; the victim was roughly handled and brutally beaten. 

    The report revealed that the victim, whose identity remains undisclosed, was taken to an abandoned building in Kyiv region, where he was forced to transfer his bitcoin to their crypto wallet. After securing the transfer, the men strangled the victim and buried him in the forest.

    The men converted the bitcoin to cash. To cover their tracks, the suspects changed the number plate and appearance of the car.    

    A Life Imprisonment Crime 

    The KORD special unit successfully apprehended the suspects in cooperation with other law enforcement officers. During the investigation, authorities confiscated the suspects’ money, a vehicle, and other physical evidence. 

    The men are currently facing grave charges under the Ukrainian Criminal Code, including deliberate murder for financial gain, robbery, unlawful detention by an organized group, and concealing a crime.  

    All suspects were formally charged with the alleged crimes and have been remanded in custody by the court without the option of bail. They are facing potential life imprisonment.

  • Bitcoin Nears $70K, Only 6% Away from New All-Time High

    Bitcoin Nears $70K, Only 6% Away from New All-Time High

    As the week kicks off with optimism, bitcoin’s price surged to within 5.7% of its peak today.

    Bitcoin (BTC) is again making headlines as it is nearly $70,000. The leading digital asset is now only 6% away from breaking its previous all-time high, fueling excitement and confidence in the crypto market.  

    According to charting platform TradingView, BTC touched $69,775 on July 29, 2024. This development moved the asset to within 5.7% of its all-time peak of $73,757, recorded on March 14. It is the highest that the crypto asset has traded since June 13, when it touched $70,000 but faced resistance and pulled back.  

    A closer look at the asset’s performance today reveals positive sentiment compared to its performance several weeks back.   

    Possible Reasons for BTC Surge

    Bitcoin’s recent surge can be attributed to several factors. For instance, numerous financial institutions and major corporations have announced plans to integrate BTC into their operations in recent months. Asset management giants like BlackRock and Fidelity have launched Bitcoin-related products, allowing their clients to gain exposure to the digital asset. Additionally, big players like MicroStrategy continue to hold significant BTC in its reverses, strengthening its position as a valuable asset.     

    United States presidential candidate Senator Cynthia Lummis discussed creating a strategic BTC reserve for the United States at the Bitcoin 2024 conference in Nashville, Tennessee, which ran from July 25 to 27.  

    Lummis proposed that the US government buy 5% of the world’s Bitcoin supply and hold it for at least 20 years.  

    She further explained that if approved, the strategy would be executed over five years, with the US government acquiring one million BTC, approximately 5% of the total 21 million Bitcoin supply.

    On the other hand, presidential candidate Donald Trump said that if he gets elected, the government would cease any further sales. If this happens, it could exert significant buying pressure and cause a supply shock in the BTC markets.   

  • Trader Nets Over $1.3M Profit in Bitcoin: Here’s How

    Trader Nets Over $1.3M Profit in Bitcoin: Here’s How

    In recent months, this investor has strategically timed their Bitcoin transactions, leading to significant profits.

    A recent post from Lookonchain, a blockchain analytics platform, shows that a savvy Bitcoin investor, often called “smart money,” has made another notable profit. Over the past few months, this investor has carefully timed their Bitcoin purchases and sales, resulting in substantial gains.

    According to Lookonchain, this trader added 225.5 BTC today, valued at about $14.91 million, to their holdings. Since July 17, they have bought a total of 1,147 BTC at an average price of $65,878, totaling $76.8 million. With the current Bitcoin price surge, this skilled trader has already made a profit of over $1.3 million.

    Strategic Timing and Significant Gains

    This investor stands out for their consistent ability to buy Bitcoin at low prices and sell at higher prices, maximizing returns. In the past year, they executed only two major trades but earned more than $30 million.

    From August 9 to December 18, 2023, the investor bought 718 BTC at an average price of $29,385 and later sold at $41,953, making a $9 million profit. Their second notable trade was from February 7 to June 20, 2024, where they bought 1,181 BTC at $48,822 and sold at $66,792, earning an impressive $21.2 million.

    Investors’ Confidence in Bitcoin’s Future

    This investor’s latest activity shows their keen market insight and perfect timing, reinforcing their reputation in the crypto trading community. Their continued investment highlights a broader trend of unwavering confidence in Bitcoin’s future. As Bitcoin continues to attract investors worldwide, this smart money trader’s success story serves as both an inspiration and a benchmark for others in the volatile yet rewarding world of cryptocurrency trading.

    Marathon Digital Holdings (MARA) has also shown strong confidence in Bitcoin’s future despite the current dip in Bitcoin’s price. The company, which now holds over 20,000 bitcoins, has acquired an additional $100 million worth of BTC.

    Marathon’s optimistic outlook is clear in its decision to adopt a full HODL strategy, intending to buy more bitcoins and hold all of its mined bitcoins. Marathon has joined the list of companies with over 20,000 BTC, following MicroStrategy, the world’s first public company to own Bitcoin. MicroStrategy owns about 226,331 bitcoins, almost 1.1% of the total supply.

  • Michigan State Pension Fund Invests $6.6M in Bitcoin ETFs

    Michigan State Pension Fund Invests $6.6M in Bitcoin ETFs

    The recent acquisition has triggered other states to express interest in crypto investment. 

    The Michigan State Pension Fund has announced a substantial investment in Bitcoin Exchange-Traded Funds (ETFs). The pension fund manages retirement savings for thousands of state employees and has allocated $6.6 million into its crypto investment vehicle.   

    According to a recent filing with the U.S. Securities and Exchange Commission (SEC), the Michigan state pension fund acquired 110,000 ARK 21Shares Bitcoin ETF (ARKB) shares, valued at $6.6 million. This decision underscores the increasing global interest in Bitcoin and its investment vehicles.   

    Not the First 

    Since the beginning of 2024, bitcoin (BTC) has been a central topic in the finance world, mainly due to the approval of its exchange-traded product on January 10. This significant development for crypto propelled the leading digital asset to reach an all-time high of $73,000 within three months of its introduction.

    The addition of BTC to the state’s pension fund marks a significant milestone. Michigan is not the only state that has invested in cryptocurrency. For instance, Jersey City announced plans to adopt Bitcoin ETFs in pension fund allocation.    

    According to Steven Fulop, Jersey City’s mayor, the pension fund is in the process of filing paperwork with the SEC, and the process should be completed by the end of summer. 

    He also emphasized the importance of blockchain as a revolutionary technology since the internet.  

    Similarly, Wisconsin’s pension fund allocated 2% of its assets to acquire more than $160 million in Bitcoin ETF shares. The report reveals that from January 1 to March 31, SWIB invested approximately $99 million in BlackRock’s Bitcoin ETFs and around $64 million in Grayscale’s Bitcoin ETFs.    

  • Elon Musk’s X Deletes Crypto Emojis, Raises Concern from the Community

    Elon Musk’s X Deletes Crypto Emojis, Raises Concern from the Community

    Users have reacted sadly since the removal of crypto emojis, and the platform’s CEO has not made any official announcements concerning the decision. 

    Elon Musk’s social media platform X, formerly known as Twitter, has removed crypto-related emojis from the X platform. This decision has raised several concerns from the crypto community.  

    Neither X nor Musk has made an official announcement concerning the removal of crypto emojis.   

    Crypto emojis are popular symbols or representations of cryptocurrencies, which were introduced to enhance and facilitate more accessible and engaging conversations around crypto assets. These emojis also allow users to identify and discuss various digital assets instantly.      

    Crypto Community Reacts to Emoji Removal

    The removal of crypto emojis has elicited a quick response from the crypto community, with numerous industry supporters expressing sadness and disappointment.    

    Some community members speculated that the removal of emojis could negatively impact the price of bitcoin (BTC). However, the crypto asset’s price has displayed greenlight changes of 4.59% in the last 24 hours.

    Commenting on the recent development, crypto influencer Autism Capital noted that the Bitcoin hashtag emoji was not the only emoji removed. He also stated that the removal was not a conspiracy or a knock on the leading crypto asset. Other crypto emojis, like Binance coin (BNB), also saw their hashtag removed from the platform.   

    Timing with Bitcoin 2024 Conference

    The recent removal of crypto emojis on X has particularly baffled the community, coinciding with the start of the Bitcoin 2024 conference in Nashville on July 25.  

    The conference is set to host prominent speakers, including Republican presidential nominee Donald Trump. Known for his pro-crypto stance, Trump is scheduled to address attendees on July 27. 

    Meanwhile, before deleting crypto emojis from X social media, Musk introduced a special emoji for the Trump-themed memecoin, MAGA (TRUMP), on July 18. However, the MAGA emoji was also removed from the platform.  

    The emoji showed the former president raising his fist triumphantly following his survival of an assassination attempt in Pennsylvania in mid-July.  

     

  • Marathon Digital Acquires Additional Bitcoin (BTC) Worth $100M

    Marathon Digital Acquires Additional Bitcoin (BTC) Worth $100M

    Marathon now owns over 20,000 bitcoins and plans to retain all mined BTC and acquire more from the market.

    Despite the current dip in bitcoin’s price, Marathon Digital Holdings (MARA) has shown unwavering confidence in Bitcoin’s future. The company, which now holds over 20,000 bitcoins, has acquired an additional $100 million worth of BTC. Marathon’s optimistic outlook is evident in its decision to adopt a full HODL strategy, intending to buy more bitcoins and hold all of its mined bitcoins. 

    Marathon Goes Bullish on Bitcoin

    Via a post on X (formerly Twitter), Marathon announced that it has added over 1,400 BTC to its Bitcoin holdings. The company did not reveal at what rate and within what period it acquired the bitcoins. However, the firm revealed that it now has over 20,000 bitcoins, close to 0.1% of the total supply of 21 million on its balance, and will still acquire more. 

    In a press release, Marathon detailed its strategic approach to acquiring bitcoins. The company acknowledged the drop in the price of bitcoin as a factor facilitating its mission of acquiring more bitcoins. 

    The firm stated that despite being a Bitcoin miner, it will not limit its acquisition to only the company’s mined bitcoins. It will make moves to acquire more bitcoins from the open market. 

    Marathon to HODL More BTC

    Concerning the company’s approach to holding more bitcoins, the release stated, “Effective immediately, MARA will adopt a full HODL approach towards its bitcoin treasury policy, retaining all bitcoin mined in its operations, and will periodically make strategic open market purchases.” 

    Marathon’s chairman and CEO, Fred Thiel, expressed confidence in the company’s decision to acquire more bitcoins and keep holding.

    He said, “We believe bitcoin is the world’s best treasury reserve asset and support the idea of sovereign wealth funds holding it.” He added,” We encourage governments and corporations to all hold bitcoin as a reserve asset.”  

    Marathon has joined the list of companies with over 20,000 BTC, following MicroStrategy, the world’s first public company to own bitcoin. MicroStrategy owns about 226,331 bitcoins, almost 1.1% of the total supply.    

  • Mt. Gox Transfers $2.5B in Bitcoin to Unknown Wallet, Repayments Exceed 40%

    Mt. Gox Transfers $2.5B in Bitcoin to Unknown Wallet, Repayments Exceed 40%

    Mt. Gox moved 37,477 BTC to a new wallet, and data indicates that 40% of the creditor repayments have now been distributed.  

    Defunct cryptocurrency exchange Mt. Gox has transferred 37,477 bitcoins valued at approximately $2.5 billion to an unknown wallet. This action signifies the ongoing payment process for compensating creditors who suffered losses during the exchange’s collapse in 2014.  

    Blockchain analytics platform Arkham Intelligence revealed that Mt. Gox moved 37,477 BTC to a new address on July 24. 5,106 BTC was transferred again to a different wallet owned by Mt. Gox.    

    Mt. Gox Continues Repayment

    The move occurred less than 24 hours after the exchange transferred BTC worth $2.8 billion to multiple wallets on July 22, with $340 million directed to four wallets linked to the crypto exchange Bitstamp.  

    Bitstamp is one of the five exchanges collaborating with Mt. Gox trustee to return funds to creditors.   

    Recall that on July 22, 2024, Arkham Intelligence revealed that Mt. Gox deposited $1 to four separate Bitstamp deposit addresses on July 22, 2024.  

    According to data analytics firm CryptoQuant, slightly more than 40% of the bitcoin owed to Mt. Gox creditors has been distributed, which indicates that 60%, or about $5.6 billion, still needs to be returned to creditors. 

    With creditor’s payments in progress, crypto investors have been worried about the possible selling pressure that the Mt. Gox repayments could introduce and the potential downward impact on BTC price.   

    Did the Repayment Impact BTC Price? 

    Mt. Gox’s ongoing repayment and other market sell-off activities impacted the digital asset’s price and stirred fear among investors.

    BTC price experienced some setbacks last week, dropping it to a $54,000 range. However, it has regained its ground, currently trading at $66,963, a change of 0.13% in the last 24 hours.   

    Meanwhile, Mt. Gox still owes a substantial amount to its creditors, who have been waiting over 10 years to recover their funds after the exchange collapsed due to a major security breach.   

    The exchange urged its creditors to be patient in the repayment process, which started in early July.