Genesis Global Capital has received authorization to offload its stake in Grayscale’s Bitcoin Trust (GBTC), valued at approximately $1.3 billion. Genesis Global Permitted to Liquidate $1.3 Billion in Bitcoin Trust Shares According to Bloomberg, Genesis Global Holdco LLC secured Judge Sean Lane’s approval to liquidate its GBTC investments, currently estimated at $1.3 billion. The request […] Source CryptoX Portal
Cardano (ADA) showcased remarkable progress during the fourth quarter (Q4) of 2023, surpassing its competitors and demonstrating impressive growth in key metrics, according to a Messari report. Average Daily Transactions Soar In Q4 The report highlights that ADA’s revenue in USD increased by 66.7% quarter-over-quarter (QoQ), driven not only by ADA’s price action but also by a 10.6% QoQ increase in revenue denominated in ADA. Furthermore, Cardano’s Treasury balance expanded by 2.6% QoQ, reaching 1.43 billion ADA, in line with growth trends observed in previous quarters. Currently, 20% of transaction…
Coinbase has temporarily suspended the gaming platform PlayDapp’s token trading and transfer activities after the recent hack that resulted in the theft of 200 million PLA tokens. Recent updates from the Web3 platform have shared some insight into the investigation process. Suspension Of Trading Activity On Coinbase On Thursday, the news of the hack was first informed by the security platform Cyvers Alerts on X (formerly Twitter). PlayDapp’s team later confirmed the security breach and immediately contacted partnered exchanges to take measures to protect the holder’s assets. The gaming platform…
Bitcoin’s (BTC) price broke above $51,000 on Feb. 14 to form a rare Valentine’s Day winning pattern, while ETF fund inflows suggest a possible $55,000 retest. Bitcoin made history on Valentine’s Day as BTC prices rose to a new-yearly peak of $52,040 within the daily time frame on Feb. 14. Bitcoin enters five-year Valentine’s Day winning streak Thanks to an unusually high buying trend among institutional investors, BTC price crossed the $52,000 mark for the first time since 2021, bringing its month-to-date gains to 20%. The data shows that Bitcoin price…
After its oversubscribed initial public offering (IPO), Phoenix Group, a Dubai-based company specializing in bitcoin mining and blockchain infrastructure, has announced a significant 50% increase in net income. The firm further revealed a 20% increase in its annual sales compared to the previous year. Dubai Bitcoin Miner Phoenix Group Records Substantial Increase in Year-on-Year Sales […] Original
SEC Chair Gary Gensler scrutinizes Bitcoin and questions its use cases despite the agency approving Bitcoin ETFs earlier this year. In an interview today with CNBC, Gensler clarifies that the SEC’s approval of Bitcoin ETFs is merit-neutral and is not an approval of Bitcoin as an asset class. Gensler emphasized that crypto is filled with fraud and manipulation, and Bitcoin’s current use cases are predominately focused on illicit activities. Gensler further said that Bitcoin is the leading market share in ransomware, and its public attraction is mainly due to speculative…
While the Wall Street Journal in October had tied tens of millions of dollars in crypto payments to Hamas, Palestinian Islamic Jihad and others, citing a blog post by analytics firm Elliptic that was later edited, the account represented a misunderstanding of what assets actually fell into the hands of terrorists. Source
Grayscale’s GBTC may experience new sell pressure and outflows following a ruling in the Genesis bankruptcy case on Feb. 14. U.S. Bankruptcy Judge Sean Lane ruled that Digital Currency Group (DCG) subsidiary Genesis has been approved to offload shares from Grayscale crypto products, including its converted Bitcoin ETF GBTC, its Ethereum Trust (ETHE), and its Ethereum Classic Trust (ETCG). Judge Lane’s verdict allows the defunct lender to liquidate 35 million GBTC shares worth around $1.6 billion. Each share traded at around $46 when the ruling was issued. The bankrupt lender…
Bitcoin’s open interest has surged past $11 billion for the first time in over two years. This uptick comes when the world’s most valuable coin surges, recently easing past $51,000, the highest level since December 2021. Bitcoin open interest | Source: Kaiko on X Surging Open Interest And Order Book Imbalance According to Kaiko, a leading crypto analytics provider, this upswing in open interest comes at a critical time for the coin. When prices zoomed past $48,000 on February 11, there was an order book imbalance. Then, Kaiko observed there…
Statistics reveal that since the onset of February 2024, the stablecoin sector has experienced a significant expansion, with an increase of $1.7 billion in its economy. In the last 30 days, both usd coin and first digital usd witnessed their supplies jump by 9.6% and 40.3%, respectively. The Dual-Edged Sword of Stablecoin Growth As the […] Source CryptoX Portal